Tom Lee Proposes Significant Increase in Authorized Shares, BitMine Stock Rises 14%

Odaily News Bitmine Immersion Technologies (BMNR) Chairman Tom Lee recently called on shareholders to approve a proposal to significantly increase the company's total authorized shares from the current 500 million to 50 billion shares. Lee described this proposal as a "dramatic" adjustment. The market reacted positively to the proposal. Influenced by the news, BitMine's stock price rose 14% on Friday. As of 2:48 PM Eastern Time, the stock price was reported at $30.93.

Lee stated that expanding the authorized share scale will help the company conduct capital market operations and potential mergers and acquisitions. It will also facilitate future stock splits and help maintain the stock price within a relatively reasonable range. He pointed out that BitMine's stock price is highly correlated with the price of Ethereum. If Ethereum's price rises significantly, the company's stock price could become excessively high.