Hot Comments from Ethereum Bull Tom Lee: ‘Thursday is Critical’

Tom Lee said that BitMine may have to slow down its Ethereum ($ETH) purchases if shareholders do not approve the new share issuance authorization.

BitMine Chairman Lee stated in a statement released today that the company’s ability to increase its $ETH holdings depends on the outcome of the shareholder vote.

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Lee stated that BitMine’s authorized quota of 500 million shares is currently nearing exhaustion, adding, “We need to immediately initiate the issuance process. Naturally, our $ETH acquisition rate will slow down once the current quota is used.” A shareholder vote on the company’s new share issuance authorization will take place on Thursday.

According to regulations, the proposal requires the support of 50.1% of the outstanding shares to be accepted. Lee described this percentage as an “extremely high threshold,” highlighting that obtaining authorization approval could therefore be difficult. If the vote results in a negative outcome, BitMine may slow down its $ETH purchase pace in the coming weeks.

*This is not investment advice.