Tom Lee, chairman of treasury firm BitMine Immersion (BMNR), urged shareholders to approve a board proposal for a significant increase in the company’s authorized share count.
In a message at the start of the year, Lee stated that the proposal to raise the total authorized shares from 500 million to 50 billion is not intended to “dilute” shareholders.
“[This] doesn’t mean we’re issuing 50 billion shares. That’s our desired maximum,” Lee explained.
He noted that while a higher share count facilitates capital raising, it also allows BitMine to pursue strategic dealmaking and — crucially — to accommodate future share splits.
Lee pointed out that BitMine’s share price has increasingly followed ether since the company shifted to make ETH its primary treasury asset last year. If ether’s price increases as he anticipates — potentially reaching $250,000 if bitcoin hits $1 million — share splits will be necessary to keep shares “accessible” to the public.
He framed the proposal within a larger vision that Ethereum will be pivotal in Wall Street’s movement toward tokenized financial markets, referencing remarks by BlackRock CEO Larry Fink regarding blockchain-based market infrastructure. Lee has also mentioned accumulating ether personally, aligning his macro viewpoint with BitMine’s treasury strategy.
Lee reminded shareholders that they have until January 14 to vote on the proposal, with BitMine’s annual shareholder meeting set for January 15 in Las Vegas.
