BitMine Immersion Technologies Inc. (BMNR) shares rallied in Sunday overnight trading on Robinhood after Chairman Tom Lee made his case for a proposal that sounds dramatic at first glance: increasing the company's authorized share count from 500 million to 50 billion.
That's a 100-fold increase, which typically makes shareholders nervous. But Lee is trying to get ahead of those concerns with a message about accessibility, not dilution.
The Strategy Behind the Share Increase
Shares climbed 14.84% to $31.73 on the Robinhood platform after Lee released a New Year message explaining that this isn't about watering down shareholder value. Instead, he's positioning it as a strategic move to support future capital raising, opportunistic acquisitions, and most notably, potential stock splits down the road.
Here's where it gets interesting. Lee pointed out that BitMine's stock price has been closely following Ethereum (ETH) since the company shifted to an ETH-focused treasury strategy last year. He's betting big on where crypto is headed, predicting that ETH could potentially reach $250,000 if Bitcoin (BTC) hits the $1 million mark.
If that happens, BitMine's stock price would follow suit, making stock splits necessary to keep shares affordable and accessible for everyday investors. Think of it like this: when a stock trades at $500 per share versus $50 per share after a split, more retail investors can participate without needing massive account balances.
Shareholders have until January 14 to cast their votes on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
BitMine's Crypto Treasury Play
BitMine has transformed itself into a cryptocurrency treasury powerhouse, now holding 4.11 ETH valued at over $12 billion at current prices. That's not a typo. The company has essentially become a publicly traded vehicle for investors who want exposure to Ethereum through traditional stock markets.
Lee's explanation comes with some context worth noting. Earlier in 2026, he predicted a 10% to 15% pullback in crypto markets due to policy uncertainties from the White House and Federal Reserve decisions. But he emphasized that any weakness would represent growing pains rather than the end of crypto's long-term potential. In other words, short-term turbulence shouldn't shake the conviction in the broader trend.
Recent Performance
The timing of this proposal is notable given BitMine's recent performance. The stock closed 14.88% higher at $31.19 on Friday and has gained over 300% in the past year. That kind of run-up supports Lee's argument that stock splits might become necessary if the momentum continues.
At the time of writing, ETH was trading at $3,173.93, up 0.83% over the previous 24 hours. The correlation Lee described between BitMine's stock and Ethereum's price appears to be playing out in real-time.
According to market analysis, BMNR has exhibited weaker price trends across short, medium, and long-term horizons despite the recent surge, suggesting some volatility ahead as investors digest both the proposal and broader crypto market dynamics.
The January 15 meeting will reveal whether shareholders buy into Lee's vision of maintaining accessibility through splits, or whether concerns about the massive authorization increase win out.