According to CoinDesk, Thomas Lee, chairman of BitMine, an Ethereum treasury company, said on Monday that the company's ability to continue accumulating ETH depends on whether shareholders approve the issuance of new shares. Without approval, the company may be forced to slow its purchase pace in the coming weeks. Lee explained, "BitMine is about to exhaust its current authorization of 500 million shares, and at that point, our ETH accumulation will slow down." A shareholder vote on the matter will take place this Thursday, and the proposal requires support from 50.1% of the issued shares to pass.
BitMine Says ETH Accumulation May Slow Without Shareholder Approval
TechFlowShare
Summary
BitMine, an Ethereum treasury firm, stated that ETH price movements could influence its accumulation strategy if a new share issuance fails. The company needs shareholder approval by Thursday to continue its ETH purchases. Without such approval, ETH analysis suggests that buying activity may slow down. The proposal requires 50.1% support to be passed.
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