BlockBeats news: On January 12, Thomas "Tom" Lee, chairman of Bitmine, stated in a Monday announcement 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 the authorization is not approved, the company may be forced to slow down its purchasing pace in the coming weeks.
Lee stated, "We must proceed with the share issuance immediately because BitMine's current authorization of 500 million shares is about to be exhausted. Once the quota is depleted, our pace of increasing our ETH holdings will slow down." Shareholder voting will take place on Thursday. According to the rules, the share issuance proposal needs to secure support from 50.1% of all outstanding shares to pass. "This is a very high threshold, making it extremely difficult to obtain authorization for additional share issuance," Lee emphasized in a statement.