Tom Lee said that Bitmine may have to delay purchasing Ethereum (ETH) if shareholders do not approve the issuance of new shares.
In a statement released today, BitMine Chairman Lee said that the company’s ability to increase its ETH holdings will depend on the outcome of a shareholder vote.
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Lee said that BitMine’s authorized allocation of 500 million shares is currently close to depletion, adding, “We need to start the issuance process immediately. Naturally, the rate of ETH acquisition will be slower if the current allocation is used.” A shareholder vote on the company’s approval to issue new shares will take place on Thursday.
According to the regulations, the proposal must be supported by 50.1% of outstanding shares. Lee described this percentage as an “extremely high threshold” and emphasized that it could make it difficult to obtain approval. If the result of the vote is negative, Bitmine could slow down the pace of its ETH purchases in the coming weeks.
*This is not investment advice.
