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📊 Hot Comment from Tom Lee: 'Thursday Is a Critical Day'
Tom Lee stated that BitMine may need to slow down ETH (ETH) purchases if shareholders do not approve the issuance of new shares. BitMine Chairman, Mr. Lee, announced in a statement released today that the company's ability to increase its ETH holdings depends on the outcome of the shareholder vote.
Mr. Lee said that BitMine's authorized share issuance quota is 500 million shares, which is currently nearly exhausted, and added: “We need to start the issuance process immediately. Of course, our ETH purchase rate will slow down once the current quota is used up.” The shareholder vote on the company's proposed new share issuance will take place on Thursday.
According to regulations, this proposal requires the support of 50.1% of the total outstanding shares to be approved. Mr. Lee described this percentage as "an extremely high threshold," emphasizing that obtaining approval could be challenging. If the voting results are negative, BitMine may reduce its $ETH purchasing pace in the coming weeks.