Tom Lee urges BitMine shareholders to approve increase in authorized shares to 50 billion

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

Lee said the change is not a signal that the company intends to issue 50 billion shares, saying it would simply set the maximum number of shares the company can have.

He acknowledged a larger authorized share pool would make it easier to raise capital and pursue opportunistic deals, but said its primary purpose is to allow future share splits.

Lee argued BitMine’s stock has tracked ether since the company shifted last year to make ETH its primary treasury asset. He said splits could be needed if ether rises over time — noting a possible ETH price as high as $250,000 if bitcoin reaches $1 million — to keep shares accessible to the public.

Framing the proposal within a broader view that Ethereum will play a central role in tokenized financial markets, Lee pointed to public comments by BlackRock CEO Larry Fink and said he has been accumulating ether personally.

Shareholders have until Jan. 14 to vote on the proposal. BitMine’s annual meeting is scheduled for Jan. 15 in Las Vegas.

Key Topics

Crypto, Tom Lee, Bitmine Immersion, Ethereum, Larry Fink, Las Vegas