Tom Lee: If Shareholders Do Not Approve BitMine's New Share Issuance Authorization, ETH Accumulation Pace Will Be Forced to Slow

BlockBeats News, January 12th — In a statement released on Monday, BitMine Chairman Thomas "Tom" Lee said that whether BitMine can continue to accumulate Ethereum (ETH) depends on whether shareholders approve a new share issuance authorization for the company. If not approved, the company may be forced to slow down its purchasing pace in the coming weeks.

Lee stated, "We must proceed with the issuance immediately because BitMine's current 500 million share authorization is about to be depleted, and once exhausted, our ETH accumulation rate will slow down." The shareholder vote is scheduled for Thursday. According to the regulations, the issuance proposal needs to receive support from 50.1% of all outstanding shares to pass. "This is a very high threshold, making it extremely difficult to obtain authorization for the issuance," Lee emphasized in the statement.