Tom Lee said that BitMine may have to slow down its Ethereum (ETH) purchases if shareholders do not approve the new share issuance authorization.
BitMine Chairman Lee stated in a statement released today that the company’s ability to increase its ETH holdings depends on the outcome of the shareholder vote.
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Lee stated that BitMine’s authorized quota of 500 million shares is currently nearing exhaustion, adding, “We need to immediately initiate the issuance process. Naturally, our ETH acquisition rate will slow down once the current quota is used.” A shareholder vote on the company’s new share issuance authorization will take place on Thursday.
According to regulations, the proposal requires the support of 50.1% of the outstanding shares to be accepted. Lee described this percentage as an “extremely high threshold,” highlighting that obtaining authorization approval could therefore be difficult. If the vote results in a negative outcome, BitMine may slow down its ETH purchase pace in the coming weeks.
*This is not investment advice.
