Odaily Planet Daily News Bitmine Immersion Technologies (BMNR) Chairman Tom Lee recently urged shareholders to approve a proposal to significantly increase the total authorized shares of the company from the current 500 million to 50 billion. This proposal was described by Lee as a "dramatic" adjustment. The market reacted positively to this proposal. As a result, BitMine's stock price rose 14% on Friday, reaching $30.93 as of 2:48 PM Eastern Time.

Lee stated that expanding the share authorization will help the company engage in capital market operations and potential mergers, while also aiding in future stock splits and keeping the stock price within a relatively reasonable range. He pointed out that BitMine's stock price is highly correlated with the price of Ethereum, and if Ethereum's price rises significantly, the company's stock price may become overly inflated.