Odaily Planet Daily reports that Bitmine Immersion Technologies (BMNR) Chairman Tom Lee recently called on shareholders to approve a proposal to significantly increase the company’s authorized shares from the current 500 million to 50 billion. Lee described the proposal as a “dramatic” adjustment. The market responded positively to the proposal. Following the news, BitMine’s stock price rose 14% on Friday, closing at $30.93 as of 2:48 PM Eastern Time. Lee stated that expanding the authorized share scale will help the company conduct capital market operations and potential acquisitions, as well as facilitate future stock splits and keep the stock price within a relatively reasonable range. He pointed out that BitMine’s stock price is highly correlated with Ethereum’s price, and if Ethereum’s price surges significantly, the company’s stock price could become excessively high.
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