BitMine Adds 24,266 ETH As BMNR Surges 4%, But Thursday Vote Could Kill The Rally
BitMine Immersion Technologies (NYSE:BMNR) acquired 24,266 Ethereum (CRYPTO: ETH) last week, lifting holdings to 4.17 million ETH worth $13 billion, but Chairman Tom Lee warned accumulation will slow without shareholder approval to increase authorized shares.
BitMine Needs 50.1% Shareholder Approval Or ETH Buying Stops
Lee said BitMine is about to exhaust its current 500 million authorized share limit, which will force the company to slow ETH accumulation when it runs out of equity to sell.
A shareholder vote takes place Thursday at the Wynn Las Vegas requiring 50.1% of all outstanding shares—not just those voting—to approve the increase.
“This is an extremely high bar and thus, makes it very difficult to get an authorized share increase,” Lee said.
“We need to pursue this increase now as Bitmine is soon to exhaust its …
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