Tom Lee, chairman of ether treasury agency BitMine Immersion (BMNR), urged shareholders to approve a board proposal for a pointy improve within the firm’s approved share depend.
In a start-of-the-year message, Lee stated the proposal to spice up the corporate’s variety of shares to 50 billion from 500 million shouldn’t be a precursor to a transfer to “dilute” shareholders.
“[This]t doesn’t imply we’re issuing 50 billion shares. That’s what we wish the entire max shares to be,” Lee stated.
Acknowledging {that a} larger share depend does make it simpler to allow the corporate to lift capital, Lee reminded that it additionally permits BitMine to pursue opportunistic dealmaking and — most significantly, in keeping with Lee — accommodate future share splits.
Lee argued that BitMine’s share value has more and more tracked ether because the firm pivoted final 12 months to make ETH its main treasury asset. If ether’s value rises over time as he expects — as excessive as $250,000 if bitcoin reaches $1 million — splits can be essential to maintain shares “accessible” to the general public.
Lee framed the proposal inside a broader thesis that Ethereum will play a central function in Wall Avenue’s push towards tokenized monetary markets, pointing to public feedback by BlackRock CEO Larry Fink about blockchain-based market infrastructure. Lee has individually stated he has been accumulating ether personally, aligning his macro view with BitMine’s treasury technique.
Lee reminded shareholders that they’ve till Jan. 14 to vote on the proposal, with BitMine’s annual shareholder assembly scheduled for Jan. 15 in Las Vegas.