Tom Lee: If shareholders do not approve BitMine's authorization to issue new shares, the ETH accumulation will be forced to slow down.

On January 12, Bitmine Chairman Thomas “Tom” Lee 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 not approved, the company may be forced to slow down its purchase progress in the coming weeks. Lee said, “We must proceed with the issuance immediately because BitMine’s current authorization limit of 500 million shares is about to be exhausted. Once the limit is reached, our ETH accumulation rate will slow down.” Shareholder voting will be held on Thursday. According to regulations, the issuance proposal requires support from 50.1% of all circulating shares to pass. “This is an extremely high threshold, so obtaining authorization for the issuance is very difficult,” Lee emphasized in the statement.