BitMine Immersion Technologies is requesting its shareholders to endorse a substantial increase in the number of authorized shares. The initiative is spearheaded by the company”s chairman, Tom Lee, who emphasized that the proposal is primarily a structural adjustment aimed at maintaining flexibility, rather than an immediate intent to issue new shares.
The proposal, referred to as Proposal 2, aims to elevate BitMine”s authorized common stock from 500 million to 50 billion shares. A shareholder vote on this measure is scheduled for January 14. Lee addressed investor concerns about potential dilution, clarifying that the rationale for this adjustment includes facilitating selective capital raises, enabling strategic mergers, and preparing for future stock splits.
This strategic shift aligns with BitMine”s planned transition by mid-2025 to position Ethereum as its core treasury asset. Lee noted that the company”s stock price has been closely correlated with the price of ETH. Recently, BitMine made headlines with its acquisition of 32,938 ETH for $97.6 million on December 31, 2025, bringing its total holdings to around 4.07 million ETH, valued at approximately $12 billion.
Strategic Vision Linked to Ethereum”s Performance
Lee”s outlook for BitMine hinges on a bullish perspective regarding the future of Ethereum. He pointed to a growing institutional belief in the tokenization of assets, citing influential voices like Larry Fink of BlackRock, and suggested that significant developments in this space will predominantly occur on the Ethereum blockchain. Lee projected ambitious price targets for Ethereum, suggesting that it could reach values of $22,000, $62,000, or even $250,000, contingent on Bitcoin hitting $1 million.
Using the existing correlation between BitMine”s stock and Ethereum, Lee offered hypothetical scenarios predicting share prices could soar to $500, $1,500, or $5,000. To ensure accessibility for retail investors, he indicated that stock splits would be necessary to adjust the share price closer to $25. Such splits would significantly expand the number of shares available, reinforcing the need for the proposed increase in authorized shares.
Current Market Context for Ethereum
This forward-thinking strategy comes amid a challenging period for Ethereum. Reports indicate that 2025 has been the worst year for ETH since 2018, marked by a total annual decline of 12% due to nine months of losses. Currently, Ethereum is trading slightly above $3,000, having seen a recent 3.5% uptick, yet remains 39% below its all-time high reached in August 2025.
Despite the current market challenges, Lee and BitMine are positioning themselves strategically for a future they anticipate will be heavily influenced by Ethereum”s integration into financial systems, thereby strengthening their treasury during this downturn in preparation for a projected recovery.
