BitMine Immersion Technologies has proposed a significant increase in its authorized shares, asking shareholders to approve the move. Led by Chairman Tom Lee, the company aims to enhance its flexibility for future stock splits, which are expected as the firm’s share price rises alongside its primary treasury asset, Ethereum (ETH). A vote on this proposal is scheduled for January 14.
On January 2, Lee addressed investors concerning Proposal 2, which would raise BitMine’s authorized common stock from 500 million to 50 billion shares. He reassured stakeholders that the proposal does not imply imminent shareholder dilution. Rather, the increase is intended to facilitate strategic capital raises, enable potential mergers, and allow for future share splits. “The last point is key,” Lee stated, noting the necessity of having a sufficient number of authorized shares to accommodate splits.
This initiative is closely tied to BitMine’s strategic shift in mid-2025, when the company prioritized Ethereum as its main treasury asset. The stock price of BitMine now closely mirrors ETH’s value. Recently, the company acquired 32,938 ETH for $97.6 million on December 31, 2025. This acquisition brought its total Ethereum holdings to approximately 4.07 million ETH, valued at around $12 billion.
Lee’s strategy hinges on a positive long-term outlook for Ethereum. Citing institutional confidence in tokenization—echoed by figures like BlackRock’s Larry Fink—Lee believes most tokenization will occur on the Ethereum network. He projects potential ETH prices of $22,000, $62,000, or even $250,000 if Bitcoin reaches $1 million. Given BitMine’s stock price correlation with ETH, potential scenarios suggest share prices could be $500, $1,500, or $5,000. To maintain share accessibility for retail investors, Lee plans to split the stock to lower the price to about $25, necessitating the proposed increase in authorized shares.
This strategic move comes as Ethereum experiences a challenging period. Data indicates 2025 was its toughest year since 2018, with nine monthly losses leading to a 12% annual decline. ETH is currently trading slightly above $3,000, a 3.5% increase in the last 24 hours, but remains 39% below its all-time high in August 2025. Despite these challenges, Lee and BitMine continue to build their treasury, anticipating an eventual rebound attributed to Ethereum’s expected role in the financial sector.
Shareholders will soon decide on the proposed increase in authorized shares, a step that could significantly shape BitMine’s future in alignment with its Ethereum-focused strategy.
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