BitMine Stock Climbs 14% Overnight As Tom Lee Asks Investors To Support Share Increase To Keep Prices 'Accessible'

BitMine Immersion Technologies Inc. (NYSE:BMNR) shares rallied in Sunday overnight trading on Robinhood after Chair Tom Lee urged shareholders to support a board proposal to raise the company’s authorized share count from 500 million to 50 billion.

Why Lee Is Proposing Increasing Share Count

Shares of the company climbed 14.84% to $31.73 on the Robinhood platform after Lee said in a New Year message that the move is not aimed at diluting shareholder value, but rather is part of a “strategic” plan to support future capital raising, “opportunistic” acquisitions, and, most importantly, for possible stock splits.

Lee said that BitMine’s stock price has closely tracked Ethereum’s (CRYPTO: ETH) price since the company pivoted to an ETH-centric treasury strategy last year. He predicted that ETH could climb as high as $250,000 if Bitcoin (CRYPTO: BTC) hits $1 million, making stock splits necessary to keep shares accessible for investors.

Shareholders have until Jan. 14 to vote on the proposal, with the annual meeting scheduled for Jan. 15 in Las Vegas, Lee added.

Short-Term Crypto Pullbacks To Follow?

BitMine has emerged as a cryptocurrency treasury giant, holding 4.11 ETH, valued at over $12 billion as of this writing

Lee’s explanation comes in the context of his previous statements on the future of cryptocurrency. In early 2026, he predicted a 10% to 15% crypto pullback due to policy risks from the White House and the Federal Reserve. However, he maintained that any weakness would reflect growing pains and not the end of crypto’s long-term upside

Price Action: At the time of writing, ETH was exchanging hands at $3,173.93, up 0.83% in the last 24 hours, according to data from Benzinga Pro.

BMNR shares closed 14.88% higher at $31.19 on Friday. The stock gained over 300% last year.

According to Benzinga’s Edge Stock Rankings, BMNR exhibited a weaker price trend in the short, medium and long term horizon. Find out how it compares with other cryptocurrency treasury stocks by clicking here.