NEW YORK, January 4, 2026, 11:34 ET — Market closed
- BitMine shares last traded up about 15% after the company pushed shareholders to back a sweeping increase in authorized shares. Securities and Exchange Commission
- The proposal would lift the authorized share cap to 50 billion, with voting due by Jan. 14 ahead of a Jan. 15 annual meeting in Las Vegas. Securities and Exchange Commission
- Investors are weighing added financing flexibility against dilution risk in a stock that the company says has tracked ether since a midyear strategy pivot. Securities and Exchange Commission
Shares of NYSE American-listed BitMine Immersion Technologies (BMNR) were last up about 15% at $31.19, after the company released fresh materials from Chairman Tom Lee urging shareholders to approve a major increase in authorized shares. Securities and Exchange Commission
The vote matters now because BitMine is asking investors to expand the ceiling on how many shares it can issue — known as “authorized shares” — from 500 million to 50 billion. The company has roughly 426 million shares outstanding, close to the current cap cited in its materials. Securities and Exchange Commission
BitMine has pitched the change as a tool for financing and equity management as it leans into an ether-focused treasury strategy. The company told shareholders its stock has closely tracked ether, the token of the Ethereum blockchain, since it pivoted to make ether its primary treasury asset. Securities and Exchange Commission
In an SEC filing on Friday, BitMine said it published a presentation and released a video — along with a written transcript — centered on the charter amendment proposal to increase authorized shares. A separate filing attached a press release encouraging shareholders to vote “FOR” the proposal. Securities and Exchange Commission
“I want to ask you to vote yes for the authorized shares increase,” Lee said in the transcript. Securities and Exchange Commission
BitMine traded between $27.48 and $31.50 in the last session, with about 58 million shares changing hands. The stock was last at $31.19.
The annual meeting is scheduled for Jan. 15 at the Wynn Las Vegas, and shareholders have until 11:59 p.m. ET on Jan. 14 to submit votes via internet or telephone, the company’s proxy materials show. Alongside the charter amendment, investors will also vote on director elections and proposals tied to an omnibus incentive plan and an executive chairman compensation arrangement. Securities and Exchange Commission
Lee said the expanded authorization would support capital markets activity, including at-the-market offerings — programs that sell new shares into the open market — as well as convertibles and warrants, and would provide flexibility for acquisitions. He also said the higher cap would accommodate future stock splits, which increase the share count while reducing the price per share. Securities and Exchange Commission
But an expanded authorization also gives the company more room to issue stock, which can dilute existing shareholders if used heavily. The charter amendment requires approval by a majority of outstanding shares, and the company’s own messaging ties the stock’s appeal to crypto-price moves — a source of both upside and sharp drawdowns. Securities and Exchange Commission
Other crypto-linked U.S. equities also rose in the last session, including Strategy (MSTR), up about 3.5%, and bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT), up roughly 10% and 12%, respectively.
Technically, traders will watch whether BMNR holds above $30 after Friday’s spike, with the session high near $31.50 as the next upside marker and the $27.50 area — near the day’s low — as a near-term downside level.
With U.S. markets reopening Monday, investors will look for any further disclosures or shareholder-vote messaging ahead of the Jan. 14 deadline and the Jan. 15 meeting. Broader risk appetite could also be tested by Monday’s ISM manufacturing report and Friday’s U.S. jobs data. Securities and Exchange Commission
