According to ChainCatcher, citing CoinDesk, Bitmine Chairman Thomas "Tom" Lee stated in a statement released on Monday that BitMine's ability to continue increasing its Ethereum (ETH) holdings 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 purchases in the coming weeks.
Lee stated, "We must proceed with the issuance immediately because BitMine's current authorized quota of 500 million shares is about to be exhausted, and once that quota is used up, our ETH acquisition pace will slow down." The shareholder vote will be held on Thursday. According to regulations, an issuance proposal requires the support of 50.1% of all outstanding shares to pass. "This is an extremely high threshold, making obtaining an authorized issuance extremely difficult," Lee emphasized in the statement.
