Tom Lee Pushes for Big Share Increase as BitMine Closely Tracks Ethereum Price

Core Viewpoint - BitMine is seeking shareholder approval to increase its authorized share count from 500 million to 50 billion shares, which would facilitate future capital needs and stock splits as the company focuses on Ethereum as a core treasury asset [1][2]. Group 1: Shareholder Proposal - Tom Lee is urging shareholders to support the proposal to raise the authorized share limit, with the vote closing on January 14 ahead of the annual meeting on January 15 in Las Vegas [1]. - The increase in authorized shares does not imply immediate issuance, but rather provides flexibility for future capital requirements and potential stock splits [2][5]. Group 2: Strategic Shift to Ethereum - BitMine has transitioned to making Ethereum (ETH) its primary treasury asset, significantly increasing its ether holdings and positioning itself as a leveraged Ethereum balance sheet [3]. - In the past month, BitMine has purchased over $1 billion in Ethereum, indicating a strong commitment to this strategy [3]. Group 3: Stock Performance and Future Plans - BitMine's stock has begun to track Ethereum's price more closely than its operational metrics, suggesting a shift in investor perception [4]. - If Ethereum's price increases, issuing new shares to acquire more ETH could still benefit shareholders, despite potential dilution of ownership percentage [4]. - The proposal, if approved, would allow for a larger pool of shares to be issued for raising capital, acquisitions, or stock splits to maintain share accessibility for retail investors [6][7].