NEW YORK, January 3, 2026, 06:39 ET — Market closed
- Bitmine Immersion rose nearly 15% on Friday after the company intensified its push for a major increase in authorized shares.
- The proposal would lift authorized common stock to 50 billion shares from 500 million ahead of a Jan. 15 annual meeting.
- Investors are watching the Jan. 14 voting deadline and any follow-on capital-raising or stock-split signals.
Bitmine Immersion Technologies, Inc. (BMNR) closed up 14.88% on Friday at $31.19, with about 58.4 million shares traded, after the company promoted a shareholder vote to dramatically increase the number of shares it is allowed to issue.
The push matters because it would reshape the company’s capital flexibility at a time when the stock is already prone to sharp moves.
“Authorized shares” is the legal cap on how many shares a company can issue. Raising that limit can make it easier to sell stock, do deals using stock as currency, or split the stock into more shares — actions that can affect dilution and liquidity.
In a regulatory filing on Friday, the NYSE American-listed company said it published a presentation and released a video and related materials from chairman Tom Lee backing the charter amendment ahead of its annual meeting. SEC
Lee framed stock splits as the main driver for the proposal. “The most important reason we need to increase the authorized shares is we have to accommodate share splits,” he said, adding the company also wants flexibility for capital markets activity — including at-the-market offerings, which sell shares into the open market over time — and for acquisitions. SEC
A definitive proxy statement said Bitmine’s board adopted the amendment on Dec. 8 and is asking shareholders to raise authorized common shares to 50 billion from 500 million. The proxy said approval requires a majority of shares outstanding, and put the annual meeting on Jan. 15 at 12:00 p.m. Pacific time in Las Vegas. SEC
The stock’s surge left it trading near the top of Friday’s range after touching an intraday high of $31.50, having dipped as low as the high-$27s earlier in the session.
In extended trade on Friday, BMNR was up about 0.8% at $31.45, according to MarketWatch. MarketWatch
Crypto remains part of the backdrop for the name. Ether was up about 1.6% early Saturday, a reminder that digital-asset moves can keep pressure on crypto-linked equities even when U.S. stock markets are shut.
Before the next session, investors will be focused on whether the proxy campaign tightens support into the Jan. 14 voting deadline — or triggers pushback from holders concerned about dilution.
A “yes” vote would not require Bitmine to issue new shares, but it would widen the runway for financings, dealmaking or a split. Traders are likely to watch for follow-on filings that often accompany those steps, including an at-the-market program or other capital-raising paperwork.
