Overview
- The board is asking to raise the authorization to 50 billion shares from 500 million, which management describes as a ceiling rather than an immediate issuance.
- Chairman Tom Lee says the move is primarily to allow future stock splits if BMNR tracks ether higher, citing illustrative scenarios that would require 20:1 to 100:1 splits.
- Management also frames the expanded authorization as needed for capital markets activity, including at-the-market offerings, convertibles, warrants and potential acquisitions.
- Shareholders must vote by Jan. 14 at 11:59 p.m. ET, with the outcome to be addressed at the Jan. 15 annual meeting at the Wynn Las Vegas.
- The request follows BitMine’s shift to an ETH-centric treasury and ongoing accumulation, with the company reporting more than 4 million ETH held and a recent $259 million staking tranche.