> At a Glance
> – BitMine wants to lift authorized shares from 500 million to 50 billion
> – Chairman Tom Lee says the move prepares for stock splits as ETH price rises
> – Company holds 4.07 million ETH (~$12 billion) after $97.6 million year-end purchase
> – Why it matters: Retail access hinges on keeping individual shares near $25, even if ETH rockets to Lee’s $250,000 moon-shot
BitMine Immersion Technologies is asking investors to green-light a 100-fold increase in authorized common stock ahead of potential high-price Ethereum splits. The vote deadline is January 14.
The Proposal
Management frames the request as a structural flexibility play, not an imminent dilution event. Lee lists three drivers:
- Facilitate selective capital raises
- Enable opportunistic mergers
- Accommodate future share splits
> “Any time a company splits shares, total authorized needs to be high enough to accommodate,” Lee wrote on January 2.
ETH-Linked Price Path
Since pivoting to Ethereum as its main treasury in mid-2025, BitMine’s stock has tracked the coin closely. Lee’s model projects ETH at:
| ETH Price | Implied BIT share price | Planned split reset |
|---|---|---|
| $22,000 | ~$500 | 20-for-1 |
| $62,000 | ~$1,500 | 60-for-1 |
| $250,000 | ~$5,000 | 200-for-1 |
Each split would multiply shares outstanding, requiring the proposed 50 billion ceiling.
Market Context
Ethereum lost 12% in 2025-its worst annual showing since 2018-and trades 39% below its August peak. BitMine nonetheless added 32,938 ETH on December 31, bringing total holdings to 4.07 million coins valued at $12 billion.
Key Takeaways
- Authorization bump is contingent on shareholder approval by January 14.
- Management insists no immediate dilution is planned.
- Splits would keep per-share price near $25 for retail accessibility if ETH surges.
The vote will decide whether BitMine has room to slice its stock as aggressively as it accumulates Ethereum.
