BitMine, the institutional investment firm chaired by prominent Ethereum bull Tom Lee, faces a critical shareholder vote that will determine its ability to continue aggressively accumulating Ethereum (ETH). The company has been on a significant buying spree, purchasing 24,266 ETH worth approximately $75 million just days before the vote deadline, following an even larger acquisition of 32,977 ETH the previous week.
These purchases are part of BitMine's strategy to strengthen its position as the world's largest Ethereum holder, controlling roughly 3.45% of the total ETH supply, or about 4.17 million ETH. The firm also has over 1.25 million ETH staked, leveraging the network for yield and further embedding itself in the Ethereum ecosystem.
The impending vote, scheduled for January 14-15, 2026, is on a proposal to authorize the issuance of new shares. Chairman Tom Lee has stated that the company's current authorized quota of 500 million shares is nearly exhausted. "We need to immediately initiate the issuance process. Naturally, our ETH acquisition rate will slow down once the current quota is used," Lee warned. The proposal requires support from 50.1% of outstanding shares, a threshold Lee described as "extremely high," making approval difficult.
Analysts like VanEck's Matthew Sigel have highlighted the risk of low voter turnout, which could force reconvened meetings and create uncertainty, potentially harming shareholders. The outcome is being closely watched by institutional investors, as a failure to pass the proposal would limit BitMine's capacity for future ETH purchases, potentially slowing a major source of institutional demand for the asset.
