BitMine Proposes a 100-Fold Increase in Authorized Shares in Preparation for Ethereum's Rise

Tom Lee, Chairman of BitMine Immersion Technologies, known for its accumulation of Ethereum (ETH), stated on the 2nd that he wishes to increase the company's authorized shares to 50 billion. He is seeking shareholder approval for this motion. Currently, the authorized share count stands at 500 million, but the proposal aims to increase this by 100 times. The reasons cited include preparing for capital market activities such as convertible bonds, warrants, and preferred stocks, as well as future acquisitions. The most critical reason, however, is the need to accommodate a potential stock split, Lee explained.