Tom Lee, chairman of BitMine Immersion (BMNR) — the crypto miner-turned-ETH-treasury company — is pressing shareholders to approve a dramatic increase in the firm’s authorized shares ahead of a January vote.
In a New Year message, Lee urged investors to back a board proposal to raise BitMine’s authorized share count from 500 million to 50 billion. He stressed the change is about flexibility, not immediate dilution: “That doesn’t mean we’re issuing 50 billion shares. That’s what we want the total max shares to be,” Lee said.
Why the big jump? Lee said a larger authorized share pool would make it easier for BitMine to raise capital, pursue opportunistic deals and — importantly — enable future stock splits. Since BitMine pivoted last year to hold ether (ETH $3,115.95) as its primary treasury asset, its share price has increasingly tracked ETH’s moves. If ether — which Lee has said he’s personally accumulating — climbs significantly over time (he has forecasted ETH could reach as high as $250,000 if bitcoin hits $1 million), share splits may be needed to keep BitMine stock “accessible” to retail investors.
Lee also framed the proposal in a broader market context: he expects Ethereum to play a central role in Wall Street’s move toward tokenized financial markets, pointing to public remarks from BlackRock CEO Larry Fink about blockchain-based market infrastructure as evidence of that trend.
Shareholders have until Jan. 14 to cast their votes on the proposal. BitMine’s annual meeting is scheduled for Jan. 15 in Las Vegas.
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