Tom Lee Wants BitMine to Authorize 50 Billion Shares — Here’s Why He Says It Isn’t Dilution

Tom Lee, chairman of ether-focused treasury firm BitMine Immersion, is urging shareholders to back a board proposal that would dramatically expand the company’s authorized share count, arguing the move is about long-term flexibility rather than near-term dilution.

In a start-of-the-year message to investors, Lee addressed concerns surrounding the proposal to raise BitMine’s authorized shares to 50 billion from 500 million. He stressed that the increase does not imply the company intends to issue anything close to that number of shares.

“Doesn’t mean we’re issuing 50 billion shares,” Lee said, describing the change as an adjustment to the company’s maximum allowable share count rather than an immediate capital-raising maneuver.

Lee acknowledged that a higher authorization does make it easier to raise funds if needed. But he argued that focusing solely on dilution misses the broader rationale behind the proposal.

Capital Flexibility and Corporate Optionality

According to Lee, expanding the share ceiling gives BitMine greater optionality at a time when its strategy is closely tied to volatile digital asset markets. 

Beyond potential capital raises, he said the structure would allow the company to pursue opportunistic acquisitions, strategic partnerships, and other corporate actions without returning repeatedly to shareholders for approval.

One of the most important considerations, Lee added, is the ability to execute future stock splits. As BitMine’s business model increasingly mirrors movements in the crypto market, he believes its share price could rise substantially over time, making splits a practical necessity rather than a cosmetic choice.

BitMine share price (Source: Google Finance)

Stock splits, Lee argued, are not about changing valuation but about accessibility. Keeping the stock within reach of a broad investor base, particularly retail shareholders, is a priority if BitMine’s long-term thesis plays out.

Ether Treasury Strategy Drives the Rationale

BitMine pivoted last year to make Ethereum its primary treasury asset, a shift that Lee says has increasingly caused the company’s share price to track ether’s performance. As a result, the company is positioning itself as a public-market proxy for long-term Ethereum exposure.

Lee has outlined an aggressive outlook for the crypto market, arguing that if Bitcoin were to reach $1 million, ether could eventually trade as high as $250,000. 

In that scenario, he said, BitMine’s share price would almost certainly require multiple splits to remain accessible to everyday investors.

Ethereum and Wall Street’s Tokenization Push

Lee also placed the proposal within a broader macro thesis centered on the tokenization of financial markets. He has repeatedly argued that Ethereum is positioned to play a central role in Wall Street’s shift toward blockchain-based infrastructure for trading, settlement, and asset issuance.

To support that view, Lee pointed to public comments from Larry Fink, whose firm BlackRock has been vocal about the potential for blockchain technology to modernize capital markets. Lee believes Ethereum’s existing ecosystem and institutional momentum make it a natural backbone for that transformation.

Also read: Ethereum in 2026: What Wall Street, Treasury Firms and Developers Are Betting On

He has also said he is personally accumulating ether, aligning his own portfolio with BitMine’s treasury strategy and reinforcing his conviction in Ethereum’s long-term role within global finance.

Shareholder Vote Approaches

BitMine shareholders have until Jan. 14 to vote on the proposal, with the company’s annual meeting scheduled for Jan. 15 in Las Vegas. The outcome will determine whether the firm gains the structural flexibility Lee believes is necessary for its long-term strategy.

For investors, the vote represents a choice between accepting potential future dilution risk or endorsing a framework designed to support BitMine as it ties its fortunes more closely to Ethereum and the evolving architecture of tokenized financial markets.