BitMine Seeks Share Authorization Increase to Support Ethereum-Centered Strategy

• BitMine seeks approval to raise authorized shares to 50B, citing flexibility rather than near-term issuance.
• Proposal links capital planning to Ethereum-based treasury strategy and potential future stock splits.
• Vote comes as ETH remains below its 2025 peak despite recent price stabilization.

BitMine Immersion Technologies has asked shareholders to approve a major increase in its authorized common stock, positioning the move as a structural adjustment tied to its Ethereum-focused treasury strategy rather than an immediate plan to issue new shares. The proposal comes as the company links its long-term capital structure planning to the performance of ether, which it now treats as its primary balance sheet asset.

The measure, identified as Proposal 2, seeks to expand BitMine’s authorized common shares from 500 million to 50 billion. Shareholders are scheduled to vote on the proposal by January 14. According to company leadership, the request is intended to preserve flexibility for future corporate actions, including stock splits, selective capital raises, and potential mergers.

Chairman Tom Lee addressed investor concerns in public posts on January 2, emphasizing that the proposal does not represent an immediate dilution of existing shareholders. Instead, he explained that companies must maintain sufficient authorized shares to execute stock splits when share prices rise materially. Without that buffer, such actions would require repeated shareholder approvals, which could potentially limit responsiveness.

Ethereum Treasury Shapes Capital Planning

The proposal is closely tied to BitMine’s mid-2025 shift toward holding Ethereum as its main treasury asset. Lee has stated that the company’s share price now tracks movements in ETH more closely than traditional operating metrics. As a result, future changes in Ether’s price could significantly influence BitMine’s equity valuation and capital needs.

BitMine has aggressively expanded its Ethereum position. Its most recent acquisition occurred on December 31, 2025, when the company purchased 32,938 ETH for approximately $97.6 million. That transaction brought its total holdings to about 4.07 million ETH, valued at roughly $12 billion based on prevailing market prices.

Stock Split Scenarios and Share Count Implications

Lee has outlined hypothetical scenarios linking potential increases in Ethereum’s price to corresponding increases in BitMine’s share price. Under those scenarios, stock splits would be required to bring the trading price back to levels accessible to retail investors, around $25 per share. Such splits would sharply raise the number of outstanding shares, making a higher authorized share limit necessary.

The proposal arrives during a challenging period for Ethereum. Market data indicate that 2025 marked ETH’s weakest annual performance since 2018, with nine consecutive monthly declines contributing to a 12% decline over the year. Although ether has recently traded slightly above $3,000 following a 3.5% daily increase, it remains about 39% below its August 2025 all-time high.