Shares of BitMine Immersion Technologies climbed sharply on Friday after company chairman Tom Lee unveiled a proposal to dramatically expand the firm’s authorized share count, a move he says is aimed at keeping the stock accessible to a broader range of investors.
In a video posted to YouTube, Lee asked shareholders to approve an increase in BitMine’s authorized shares from 500 million to 50 billion. He described the proposal as a necessary step to support future capital market activity, potential acquisitions, and greater flexibility around stock splits.
The market responded positively to the announcement. BitMine shares rose about 14% during Friday trading, reaching $30.93 as of 2:48 p.m. ET.
According to Lee, the proposal is closely tied to BitMine’s exposure to Ethereum. As the largest Ethereum digital asset treasury, the company’s stock price tends to move in line with the price of ether. That relationship, he said, could eventually push BitMine’s shares to levels that many investors may find too expensive.
“If ETH rises significantly, our stock price could rise to levels that are simply impractical for everyday investors,” Lee explained.
He offered hypothetical examples, suggesting that an ether price of $22,000 could translate into a BitMine share price of roughly $500, while ether at $62,500 could push the stock to around $1,500.
“Most people don’t want a $500 or $1,500 stock,” Lee said. “They want shares to stay closer to $25.”
By increasing the number of authorized shares, BitMine would have greater room to execute stock splits if needed, helping to manage its share price without changing the company’s underlying value. Lee emphasized that the proposal is about flexibility rather than immediate dilution.
BitMine’s growing influence in the Ethereum ecosystem adds context to the discussion. The Nasdaq-listed company currently holds about 3.41% of Ethereum’s circulating supply. Last week, it disclosed the purchase of an additional 44,463 ether, bringing its total holdings to approximately 4,110,525 ETH.
As cryptocurrency prices continue to fluctuate and institutional involvement deepens, companies like BitMine are navigating how best to balance growth, investor accessibility, and market perception. The upcoming shareholder vote will determine whether Lee’s strategy moves forward, but Friday’s rally suggests investors are, at least for now, receptive to the plan.
