Tom Lee seeks shareholder approval to dramatically expand BitMine’s share limit
Tom Lee, chairman of BitMine Immersion Technologies (BMNR), has asked shareholders to approve a proposal that would sharply increase the company’s authorized share count — from 500 million to 50 billion. Lee says the move is about flexibility, not immediate dilution.
In a video posted to YouTube on Friday, Lee stressed that the proposal does not mean the company plans to issue 50 billion shares right away. Instead, it would simply raise the maximum number BitMine is allowed to authorize, giving it room to act if needed in the future.
“That doesn’t mean we’re issuing 50 billion shares,” Lee said, calling it a structural change rather than an immediate capital move.
Shares jump as investors warm to the idea
Markets initially reacted positively. BitMine shares climbed about 14% on Friday, trading near $30.93 by mid-afternoon in New York.
Lee framed the proposal as a way to prepare for potential stock splits, especially as BitMine’s valuation increasingly tracks the price of Ethereum. According to him, the company’s share price tends to move closely with ether, raising the risk that the stock could become too expensive for everyday investors during a strong crypto rally.
“If ETH goes to $22,000, our stock could be around $500,” Lee said. In a more aggressive scenario — with Bitcoin at $1 million and ether at $250,000 — BitMine shares could theoretically rise to $5,000.
“Most people want shares to stay around $25,” he added, noting that very high nominal prices can discourage participation, even if the company’s fundamentals are strong.
Why BitMine wants more authorized shares
BitMine has repositioned itself as the largest Ethereum-focused digital asset treasury, holding about 3.41% of ETH’s circulating supply. The company revealed last week that it added 44,463 ETH, bringing total holdings to more than 4.11 million ether, valued at roughly $12 billion.
While BitMine still has some Bitcoin-related operations, its strategy shifted in 2025 toward accumulating and staking ETH to generate yield.
Lee explained that if ether were ever to reach $250,000, BitMine might need a 100-for-1 stock split to keep its share price accessible. That kind of split would require tens of billions of authorized shares — far more than the current structure allows.
“We’re trying to get ahead of that,” he said.
Investors split over dilution concerns
Not everyone is convinced. The proposal has sparked debate among investors, with some raising concerns that such a large increase in authorized shares could eventually lead to dilution.
Supporters argue that authorized shares are not the same as issued shares and say the move simply gives management flexibility as BitMine’s crypto-linked valuation evolves.
Shareholders have until January 14 to vote on the proposal.
Looking ahead, BitMine plans to launch its Made in America Validator Network in early 2026, aiming to earn staking yield from its massive ETH holdings. With more than 4.1 million ether on its balance sheet, the company now holds the largest publicly disclosed Ethereum treasury and ranks among the biggest crypto holders in the public markets.
