Bitmine Proposes Raising Shares To Double Down On Ethereum

• Tom Lee urges BNMR stakeholders to support his proposal for a 50 billion share raise to fund Bitmine’s Ethereum accumulation strategy.

Bitmine Immersion Technologies (BMNR) is now the world’s largest public company holding Ethereum (ETH). It’s the second-largest publicly traded firm by the value of its digital asset treasury (DAT), trailing Bitcoin (BTC)-focused Strategy (MSTR).

However, the business indicated that its Ether buying spree is far from over. On Friday, its chairman, Thomas “Tom” Lee, sent an invitation to all BMNR shareholders, enjoining their participation in the company’s upcoming Annual Meeting of Stockholders on January 15, 2026.

A key agenda item in the meeting is Bitmine’s proposed amendments to its stock issuance model. It seeks to increase its share count from 500 million to 50 billion to fund its ETH acquisition.

ADVERTISEMENT## Bitmine’s New Proposal is a ‘One and Done’ Deal

Lee highlighted in a related post on his social media account on X that Bitmine’s charter is unusual. It requires 50.1% of outstanding shares to vote “Yes” for the approval of the proposal. He emphasized addressing the matter in a “one and done” manner because it is “incredibly difficult” to go over it again.

Additionally, Lee framed the subject as urgent. He explained that waiting for the company to increase its share count will result in losing valuable time to buy Ether at a favorable rate, since shareholder votes can take months.

Moreover, Lee warned that Bitmine may soon reach its authorized share cap, meaning it will run out of dry powder to buy ETH. It could also cause the business to miss out on potential acquisitions or mergers at opportune moments.

ADVERTISEMENT## Why Shareholders Should Vote ‘Yes’

Lee told investors that a “Yes” vote would allow Bitmine to sustain its growth by raising its ETH per share. Furthermore, it would lead the institution to compound its staking revenues per share.

According to its letter to shareholders, Bitmine has already issued 425,841,924 shares from its BMNR common stock offering. Meanwhile, it holds 3,864,951 ETH at $3,139 per ETH (based on Coinbase conversions), 193 BTC, a $36 million stake in Eightco Holdings, and a $1 billion cash reserve.

The Bitmine chairman previously claimed in his notes at Fundstrat, a company he co-founded and presently holds a leadership position in its research division, that the market has “grossly undervalued” Ethereum at $3,000. He predicted that ETH could jump to $12,000 per token if the asset follows its eight-year average ratio against Bitcoin. On the other hand, a 0.25 ratio relative to BTC could fuel its ascent to $62,000 per ETH.

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