Tom Lee: If shareholders do not approve BitMine's new share issuance authorization, the pace of ETH accumulation will be forced to slow down

BlockBeats News, January 12, Bitmine Chairman Thomas "Tom" Lee stated in a statement released on Monday that whether BitMine can continue to increase its holdings of Ethereum (ETH) depends on whether shareholders approve the company's authorization to issue new shares. If not approved, the company may be forced to slow down its purchasing pace in the coming weeks.

Lee said: "We must proceed with the issuance immediately, as BitMine's current authorized quota of 500 million shares is about to run out. Once the quota is exhausted, our pace of accumulating ETH will slow down." The shareholder vote will be held on Thursday. According to the rules, the issuance proposal needs to receive support from 50.1% of all outstanding shares to pass. "This is a very high threshold, so obtaining authorization for the issuance is extremely difficult," Lee emphasized in the statement.