BitMine chairman pushes shareholders to approve jump to 50 billion authorized shares

Tom Lee, chairman of BitMine Immersion, urged shareholders to approve a board proposal to raise the company’s authorized share count to 50 billion from 500 million ahead of a Jan. 14 vote.

Lee said the increase “doesn’t mean we’re issuing 50 billion shares. That’s what we want the total max shares to be,” and framed the move as a precaution rather than immediate dilution.

He said a larger authorized share total would make capital raising and opportunistic deals easier and, importantly, allow for future share splits to keep stock accessible if ether’s price rises sharply.

Lee argued BitMine’s share price has tracked ether since the company pivoted to ETH as its primary treasury asset. He has forecast ether could reach as high as $250,000 if bitcoin hits $1 million.

He positioned the proposal within a broader view that Ethereum will be central to tokenized financial markets, citing recent public comments by BlackRock CEO Larry Fink on blockchain-based market infrastructure.

Lee also noted he has been personally accumulating ether. Shareholders have until Jan. 14 to vote; BitMine’s annual meeting is scheduled for Jan. 15 in Las Vegas.

Key Topics

Crypto, South Korea, Bitmine, Ethereum, Shares, Shareholders, Tom Lee