BitMine adds 24,000 ether, but warns accumulation may slow without shareholder approval Bitmine Immersion Technologies, the largest Ethereum-focused crypto treasury company, continued to buy ether through last week, but has warned that the pace may not last.
The firm added 24,266 ether last week, lifting its holdings to 4,167,768 tokens as of Sunday. The purchase pushes BitMine’s share of ether’s circulating supply to 3.45%, with a goal to ultimately corner 5% of all tokens.
Chairman Thomas Lee, in a statement on Monday, said that BitMine’s ability to continue accumulating ETH depends on shareholder approval to authorize new equity issuance. Without it, the firm could be forced to slow its buying in the weeks ahead, he added.
“We need to pursue this increase now as Bitmine is soon to exhaust its current 500 million authorization,”Lee said. “And when that happens, our ETH accumulation will slow.”
A shareholder vote will take place on Thursday. The proposal for the share increase requires the support of 50.1% of all shares outstanding in order to proceed.
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