BitMine Immersion Technologies (BMNR) chairman Tom Lee is proposing to increase the company’s authorized share count to 50 billion, up from 500 million, to facilitate future stock splits and align with Ethereum’s valuation. BitMine shares surged 14% after the announcement, reflecting investor approval for keeping the stock affordable. Some investors are concerned about dilution, but Lee clarified that the proposal is a structural adjustment, not an immediate issuance. BitMine’s share price closely tracks Ethereum’s performance, prompting the need for more authorized shares to prevent high nominal prices that may deter retail investors. Shareholders have until Jan. 14 to vote on the proposal.

Read more at Yahoo Finance.: Tom Lee Seeks Shareholder Approval to Expand BitMine Shares to 50B