BitMine chairman proposes 1,000x increase in company's authorized shares, to 50B
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Being able to strategically raise capital by having shares ready to issue was one of the secondary reasons Lee gave for the proposal.
Tom Lee, chairman of publicly listed Ether treasury company BitMine, urged shareholders to back a proposal to dramatically increase the company’s authorized share count to 50 billion from 50 million, citing the potential need for future stock splits as Ether’s price drives the the company’s valuation.
Lee said BitMine’s share price closely tracks the price of Ether (ETH), and that he modeled potential future valuations using the ETH/Bitcoin ratio. According to Lee, ETH could reach $250,000 if Bitcoin (BTC) climbs to $1 million, a scenario that would push BitMine’s share price to levels he said would be inaccessible for most retail investors.
BitMine shifted from operating as a Bitcoin mining and holding company to an ETH treasury strategy in 2025, but it still retains some of its Bitcoin operations.
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