Why Tom Lee Wants BitMine to Authorize 50 Billion Shares

BitMine 50 Billion Share Authorization: Tom Lee Explains Why Future Stock Splits and Ethereum Growth Require Massive Headroom, Not Dilution.

The Alchemy of Authorized Capital

As we enter the first trading week of 2026, BitMine Immersion Technologies ($BMNR) has proposed one of the most ambitious corporate structure changes in the history of the NASDAQ. Chairman Tom Lee is urging shareholders to increase authorized common stock from 500 million to 50 billion shares. While social media has reacted with "dilution" fears, Lee’s Chairman’s Message released on January 2nd reframes the proposal as a "liquidity insurance policy" for the ongoing Ethereum bull market.

Preparing for the $250,000 Ethereum Scenario

The core of Lee's rationale is the mathematical link between BitMine's stock and Ethereum. BitMine is currently the world’s largest Ethereum treasury, holding 4.11 million ETH (roughly 3.41% of the total supply). Because BMNR shares track ETH price movements with high precision, a massive rally in the underlying asset would price retail investors out of the stock

"Not everybody wants a stock price at $500, $1,500, or $5,000," Lee explained. "Most people want shares to stay around $25."

• To keep the stock at $25 if ETH hits $22,000, BitMine would need a 20:1 split.
• If ETH hits $250,000 (implied by BTC at $1M), a 100:1 split would be required.
• To perform a 100:1 split on 426 million shares outstanding, you need at least 43 billion authorized shares. The 50 billion request provides exactly that headroom

Capital Velocity and the MAVAN Launch

Beyond stock splits, the authorization provides BitMine with the "velocity" required to achieve its "Alchemy of 5%" goal—owning 5% of the total Ethereum supply. By having shares authorized and ready for At-The-Market (ATM) offerings, the company can raise capital instantly when the stock trades at a premium to its Net Asset Value (NAV).

Furthermore, the company is moving into its "yield phase" with the Made in America Validator Network (MAVAN), set for a Q1 2026 launch. BitMine has already deployed over 400,000 ETH into staking, projecting an annual income of $374 million (over $1M per day). Having authorized shares ready for M&A activity allows BitMine to acquire more hardware and infrastructure to support this staking dominance without repeated, costly shareholder meetings.

Conclusion: A Vote for the Future

The voting deadline is January 14, 2026, with the results to be finalized at the Annual Meeting at the Wynn Las Vegas on January 15th. Tom Lee’s message is clear: the 50 billion shares are a tool for accessibility and growth, not a signal of immediate dilution. As Ethereum proves to be the "future of finance," BitMine is building the corporate framework to remain the primary vehicle for that future on Wall Street.