The proposal is framed as a structural transfer to protect flexibility, not a right away plan to difficulty new shares.
BitMine Immersion Applied sciences is asking shareholders to approve an enormous improve in its licensed shares.
The corporate’s management, led by Chairman Tom Lee, has defined that this strategic transfer is designed to allow future inventory splits, a necessity they imagine will come up because the agency’s share worth climbs in tandem with its main treasury asset: Ethereum (ETH).
Shareholder Vote Focuses on Future Flexibility
In a sequence of posts on January 2, Lee immediately addressed investor questions relating to Proposal 2, which seeks to boost BitMine’s licensed widespread inventory from 500 million to 50 billion shares, with a shareholder vote on the measure due by January 14.
The crypto entrepreneur was fast to dismiss considerations that the proposal alerts speedy shareholder dilution. As a substitute, he outlined three strategic causes for the change, that are facilitating selective capital raises, enabling opportunistic mergers, and accommodating future share splits.
“The final level is vital,” Lee wrote. “Any time an organization splits shares, complete licensed must be excessive sufficient to accommodate.”
This plan is intrinsically linked to BitMine’s mid-2025 pivot to holding Ethereum as its most important treasury asset. In response to Lee, the corporate’s inventory worth now intently tracks the value of ETH.
It has aggressively constructed its place, with its newest buy of the asset being a $97.6 million splurge on 32,938 ETH on December 31, 2025, bringing its complete holdings to about 4.07 million ETH, valued at roughly $12 billion.
Ethereum’s Potential and the Path to Splits
Lee’s imaginative and prescient for BitMine relies on a bullish long-term outlook for Ethereum itself. He cited institutional perception in tokenization, echoing statements from leaders like BlackRock’s Larry Fink, and argued that almost all of this exercise will happen on the Ethereum community.
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He tasks the world’s second-largest cryptocurrency by market cap may finally hit costs of $22,000, $62,000, and even $250,000 in a situation the place Bitcoin reaches $1 million.
Utilizing BitMine’s established worth correlation with ETH, Lee supplied illustrative calculations for the place the corporate’s inventory may commerce. These situations counsel share costs of $500, $1,500, or $5,000.
To maintain shares accessible to retail buyers, the 56-year-old said the corporate would wish to break up its inventory to reset the value close to $25. Such splits would drastically improve the variety of shares excellent, necessitating the proposed enhance in licensed shares.
This forward-looking technique is coming at a time when Ethereum is weathering a tough interval. Information shows 2025 was ETH’s worst 12 months since 2018, with 9 month-to-month losses contributing to a 12% annual decline.
The asset is presently buying and selling barely above $3,000, displaying a 3.5% improve within the final 24 hours however remaining 39% under its all-time excessive set in August 2025. Nonetheless, Lee and BitMine are positioning for a future they imagine shall be outlined by Ethereum’s function in finance, constructing their treasury via the downturn in preparation for an anticipated rebound.
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