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

According to CoinDesk, 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 stated, "We must move forward with the issuance immediately, as BitMine's current authorization of 500 million shares is about to be exhausted. Once the limit is reached, our pace of ETH accumulation will slow down." The shareholder vote will be held on Thursday. According to 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.