January 12 (Reuters) — BitMine Chairman Thomas “Tom” Lee said Monday the crypto firm’s ability to keep accumulating Ethereum (ETH) hinges on shareholders approving a new share issuance authorization. Without approval, BitMine may be forced to slow its ETH purchasing pace in the coming weeks. Lee stated: “We need to move forward with the issuance immediately — BitMine’s current 500 million-share authorization is nearly exhausted, and once it runs out, our ETH accumulation rate will slow.” The shareholder vote is set for Thursday. Under company rules, the proposal needs support from 50.1% of all outstanding shares to pass. “That’s a very high threshold, making it extremely hard to secure the authorization,” Lee emphasized in the statement.
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