Tom Lee, chairman of ether ETH$3,130.02 treasury agency BitMine Immersion (BMNR), urged shareholders to approve a board proposal for a pointy enhance within the firm’s approved share rely.
In a start-of-the-year message, Lee mentioned the proposal to spice up the corporate’s variety of shares to 50 billion from 500 million just isn’t a precursor to a transfer to “dilute” shareholders.
“[This]t doesn’t imply we’re issuing 50 billion shares. That’s what we would like the overall max shares to be,” Lee mentioned.
Acknowledging {that a} increased share rely does make it simpler to allow the corporate to boost capital, Lee reminded that it additionally permits BitMine to pursue opportunistic dealmaking and — most significantly, in line 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 through the years as he expects — as excessive as $250,000 if bitcoin reaches $1 million — splits will likely be essential to maintain shares “accessible” to the general public.
Lee framed the proposal inside a broader thesis that Ethereum will play a central position 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 mentioned 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.
