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Tom Lee Supports BitMine's Increase in Authorized Share Capital, BMNR Closes Up 14.88%
Summary: According to reports, Tom Lee, Chairman of Ethereum treasury company BitMine, stated on social media that BitMine needs to increase its authorized share capital for three main reasons: to provide space for selective subsequent issuances (ATM) and financing, to facilitate strategic trading opportunities (such as mergers and acquisitions), and to adapt to future stock split ...
According to reports, Tom Lee, Chairman of Ethereum treasury company BitMine, stated on social media that BitMine needs to increase its authorized share capital for three main reasons: to provide space for selective subsequent issuances (ATM) and financing, to facilitate strategic trading opportunities (such as mergers and acquisitions), and to adapt to future stock split requirements. Lee believes that as Ethereum is validated as the future of finance, the target exchange rate for ETH and BTC could reach 0.25. Assuming ETH rises to $250,000 in the future, BMNR's stock price would reach $5,000. To allow the public to easily participate in stock investments, the company would need to reset the stock price to around $25 through stock splits, increasing the total outstanding shares. Therefore, BitMine can only implement future stock split plans after increasing its total authorized share capital. Influenced by this statement, BMNR closed at $31.19 on Friday, up 14.88%.
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Link: Tom Lee Supports BitMine's Increase in Authorized Share Capital, BMNR Closes Up 14.88% [Copy]
