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Tom Lee: BitMine Forced to Slow Down ETH Holdings if Shareholders Do Not Approve Stock Issuance Authorization
Summary: In a statement released on Monday, BitMine Chairman Thomas Tom Lee stated that BitMine's ability to continue increasing its holdings of Ethereum (ETH) depends on whether shareholders approve the company's issuance of new stock. If not approved, the company may be forced to slow down its purchasing pace in the coming weeks. Lee said: 'We ...
In a statement released on Monday, BitMine Chairman Thomas Tom Lee stated that BitMine's ability to continue increasing its holdings of Ethereum (ETH) depends on whether shareholders approve the company's issuance of new stock. If not approved, the company may be forced to slow down its purchasing pace in the coming weeks. Lee said: 'We must proceed with the issuance immediately, as BitMine's current 500 million share authorization is about to be exhausted. Once the limit is reached, our ETH holding speed will slow down.' The shareholder vote is scheduled for Thursday. According to regulations, the issuance proposal needs to receive support from at least 50.1% of all outstanding shares to pass. This is a very high threshold, making it extremely difficult to obtain authorization for issuance, Lee emphasized in the statement.
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Link: Tom Lee: BitMine Forced to Slow Down ETH Holdings if Shareholders Do Not Approve Stock Issuance Authorization [Copy]
