BitMine Seeks 100x Share Cap Hike; Tom Lee Targets 5% of Global ETH Supply
Chairman Tom Lee pushes for a massive authorization increase to 50 billion shares, positioning BitMine for aggressive Ethereum accumulation and future stock splits.
BitMine Immersion Technologies (NYSE: BMNR) Chairman Tom Lee has issued a formal plea to shareholders to approve a charter amendment expanding the company’s authorized share count from 500 million to 50 billion ahead of the January 14 voting deadline. The stock climbed 3% to $28.07 in early trading as the market digested the scale of the request.
The “Alchemy of 5%” Strategy
The proposal, detailed in an SEC 8-K filing this morning, is not a standard corporate housekeeping measure. It is the logistical rail for Lee’s “Alchemy of 5%” thesis, a stated goal to accumulate 5% of the total Ethereum supply. BitMine currently holds 4.11 million ETH, valued at approximately $12.2 billion, making it the largest institutional holder of the asset globally.
Lee explicitly addressed dilution concerns in a companion video message, framing the 100-fold capacity increase as necessary ammunition for three specific vectors:
- Aggressive M&A: Using equity to acquire mining infrastructure or smaller treasuries.
- Capital Markets: Facilitating at-the-market (ATM) offerings and convertible notes to fund further ETH purchases.
- Stock Splits: Lee projected that if Ethereum reaches $22,000, BMNR shares could hit $500. The authorized share increase would allow for a 20:1 split to maintain retail accessibility around the $25 mark.
Institutional Context
The move aligns with BitMine’s pivot to an Ethereum-pure play, betting on the asset’s role in the tokenization of real-world assets, a narrative heavily supported by BlackRock CEO Larry Fink. Lee argued Ethereum is facing its “1971 moment,” implying a decoupling from traditional valuation models similar to gold’s historic run.
The company benefits from the strong engagement of our stockholders… these proposals need your crucial ‘yes’ vote to enable us to achieve our strategic plan.
The company’s balance sheet now commands $13.2 billion in total assets, backed by a roster of institutional heavyweights including ARK Invest, Founders Fund, Pantera, and Galaxy Digital.
Deadlines and Reaction
Shareholders must cast votes by 11:59 p.m. ET on January 14. The results will be ratified at the Annual Stockholder Meeting on January 15 at the Wynn Las Vegas. BMNR continues to trade in tight correlation with ETH prices, currently hovering near $27.15.
