Bitmine Immersion Technologies (BMNR) stock surged by as much as 14%. This followed Chairman Tom Lee urging shareholders to approve a significant increase in authorized shares. The proposal seeks to raise the share count from 500 million to 50 billion.
Lee stated the move provides flexibility for future capital raises, acquisitions, and stock splits. The company aims to align its valuation more closely with its primary treasury asset, Ethereum. Lee also noted the increase would help keep the stock price accessible to retail investors if Ethereum's value continues to appreciate significantly.
Concurrent with the governance proposal, Bitmine staked an additional 82,560 ETH. This new stake is valued at approximately $259 million. The action brings the company’s total staked Ethereum to 544,064 ETH, worth around $1.62 billion.
This aggressive staking strategy focuses on generating yield from its substantial Ethereum holdings. The shareholder vote on the share increase is scheduled to conclude by January 14, 2026, ahead of the annual meeting on January 15.