BitMine Proposes Increasing Authorized Shares to 50 Billion Amid Ether Price Surge
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Capital Expansion Proposal: BitMine plans to increase its authorized share count from 50 million to 50 billion to prepare for potential future stock splits, aiming to enhance company valuation and attract more investors amid sustained Ether price appreciation.
- Ether Price Modeling: Chairman Tom Lee noted that BitMine's share price closely tracks Ether's movements, suggesting that if Ether reaches $250,000, BitMine shares could hit $5,000, prompting the need for a 100-for-1 stock split to keep prices around $25 and attract smaller investors.
- Market Reaction and Psychology: Despite negative feedback on social media regarding the proposal, Lee emphasized that increasing the authorized share count does not imply immediate dilution, as the current outstanding shares are 426 million, and the increase aims to provide future flexibility.
- Ether Treasury Growth: Recently, BitMine purchased 32,938 ETH for over $102 million, bringing its total Ether holdings to over 4 million, valued at more than $12 billion, and the company has begun staking Ether to earn yield, further solidifying its market position.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
