5 Arguments Dismantling Tom Lee’s Case for BitMine’s Share Expansion

Core Viewpoint - Investors are pushing back against Tom Lee's proposal to expand BitMine's authorized share count, raising concerns about dilution risk, governance, and misaligned incentives [1][2]. Group 1: Shareholder Concerns - The proposal to increase authorized shares from 500 million to 50 billion has alarmed investors, who see it as excessive and potentially undermining governance [5]. - Critics argue that the urgency of the proposal contradicts BitMine's current share structure, as there are already approximately 426 million shares outstanding, leaving limited room for maneuver [4]. - There is a growing rift among investors regarding whether the structure and timing of the proposal truly protect shareholder value [3]. Group 2: Governance and Incentives - The proposal eliminates the need for future shareholder approvals, which critics argue removes an important governance checkpoint [5]. - Executive compensation tied to total ETH holdings rather than ETH per share raises concerns that it encourages growth at the expense of shareholder value [6][7].