BitMine chairman Tom Lee seeks 1,000x increase in authorized shares to 50 billion
BitMine chairman Tom Lee has proposed raising the company’s authorized share count from 50 million to 50 billion — a 1,000x increase — to allow future stock splits as Ether’s (ETH) price could push the company’s per-share valuation to levels unaffordable for retail investors. Lee says BitMine’s share price closely tracks ETH and modeled a scenario where ETH reaches $250,000 if Bitcoin (BTC) hits $1 million; that would imply BitMine shares near $5,000 each. To keep shares affordable (around $25), Lee proposes a potential 100:1 stock split, which would require a much higher authorized share limit (current outstanding shares: ~426 million). Lee framed the change as addressing unit bias and preserving retail access; critics on X argued the move risks dilution and mistrust. BitMine converted from a Bitcoin mining/holding company to an ETH treasury strategy in 2025, retaining some BTC operations. Separately, BitMine recently bought tens of thousands of ETH (32,938 ETH) and has crossed a 4 million ETH treasury milestone, with staking begun to earn yield. Primary keywords: BitMine, authorized shares, stock split, Ether, ETH. Secondary/semantic keywords: Tom Lee, unit bias, dilution, BTC, staking, treasury.
Neutral
The proposal is largely corporate-governance and capital-structure driven rather than an immediate market-moving event for crypto prices. Raising the authorized share count by itself does not issue new shares; it merely allows future stock splits or issuances. Traders reacted negatively on social media, concerned about potential dilution or managerial opportunism, which can weigh on the stock’s sentiment short-term. However, Lee’s rationale — preparing for very large ETH-driven valuation increases and preserving retail access via splits — is plausible and similar to past cases where companies increased authorized shares ahead of splits or acquisitions without immediate dilution. Short-term impact: likely increased volatility and negative sentiment in BitMine equity, and possible selling pressure from shareholders worried about dilution. Crypto markets (ETH/BTC) are unlikely to react materially to the governance proposal alone. Long-term impact: if ETH appreciation materializes and BitMine executes splits transparently to maintain retail accessibility, the structural change could be benign or even supportive for retail demand in the stock. Conversely, if the authorization is used for broad share issuance (dilution), that could harm equity holders and investor confidence. Monitor: company filings for concrete issuance/split proposals, shareholder votes, and any capital-raising announcements; ETH and BTC price action will determine whether the scenario Lee describes becomes relevant.