Tom Lee urged BitMine Immersion (BMNR) shareholders to approve a proposal to significantly increase the number of shares authorized for issuance from 500 million to 50 billion, emphasizing that the goal is to serve future Capital, trading, and stock Chia , not dilution.
According to information from January 3rd, this move is a proposal from the board of directors and needs to be approved by shareholders before the annual general meeting in Las Vegas.
- BMNR proposes increasing the number of shares authorized for issuance from 500 million to 50 billion.
- Tom Lee stated that the purpose was to raise Capital, trade, and Chia shares; not to dilute the stock.
- Voting deadline is January 14th; annual shareholders' meeting is January 15th in Las Vegas.
Proposal to increase the number of shares authorized for issuance to 50 billion.
Tom Lee, chairman of Ethereum asset management firm BitMine Immersion (BMNR), is urging shareholders to support a proposal to increase the number of shares authorized for issuance from 500 million to 50 billion.
Lee stated that expanding the number of shares allowed to be issued aims to create room for business activities such as Capital and supporting trading. He also mentioned the possibility of a future stock Chia , and affirmed that the proposal is not designed to dilute the shares of existing shareholders.
In the context of businesses involved in Ethereum assets and the cryptocurrency market, raising the ceiling on the number of shares allowed to be issued is often XEM as a financial flexibility tool. However, the outcome and implementation details still depend on shareholder approval and subsequent decisions by the board of directors.
Voting deadline and shareholder meeting schedule
Shareholders must vote on this proposal by January 14th; the annual shareholders' meeting is scheduled to take place on January 15th in Las Vegas.
This timeframe provides a short decision-making window before the annual meeting, where the company can provide further updates on its Capital plan, transaction strategy, or stock Chia roadmap, if any. Increasing the number of authorized shares is merely an authorization step and does not mean the entire quantity of shares will be issued immediately.
