Tom Lee proposed a significant share issuance, causing BitMine's stock price to rise 14%.

According to ME News, on January 3rd (UTC+8), Tom Lee, Chairman of Bitmine Immersion Technologies (BMNR), recently called on shareholders to approve a proposal to significantly increase the company's total authorized shares from the current 500 million to 50 billion. Lee described the proposal as a "dramatic" adjustment. The market reacted positively to the proposal. Following the news, BitMine's stock price rose 14% on Friday, reaching $30.93 as of 2:48 PM ET. Lee stated that expanding the authorized share size would help the company conduct capital market operations and potential mergers and acquisitions, while also facilitating future stock splits and maintaining the stock price within a relatively reasonable range. He pointed out that BitMine's stock price is highly correlated with the price of Ethereum, and if the price of Ethereum rises sharply, the company's stock price may become overvalued. (Source: ME)