Tom Lee Proposes Boosting BitMine Share Count to 50 Billion, Stock Jumps 14%

Tom Lee, chairman of BitMine Immersion Technologies (BMNR), has asked shareholders to approve a proposal to increase the company’s authorized shares from 500 million to 50 billion. He said the “dramatic” increase would support capital market activities, potential acquisitions, and future stock splits while helping keep the share price at a reasonable level.

Lee explained that BitMine’s stock tends to track the price of Ethereum. If ETH rises sharply, BMNR shares could become too expensive for many investors. He estimated that if ETH reaches $22,000, BitMine’s stock could climb to around $500, and if ETH trades at $62,500, the share price could reach roughly $1,500. Most investors, he said, prefer shares priced closer to $25.

Markets responded positively to the proposal, with BitMine shares jumping 14% on Friday to about $30.93.

BitMine is the world’s largest Ethereum digital asset treasury company, holding roughly 3.41% of ETH’s circulating supply. Last week, the Nasdaq-listed firm disclosed it had added another 44,463 ETH, bringing its total holdings to approximately 4,110,525 ether. Shareholders have until Jan. 14 to vote on the proposal.