[BitMine Chairman Proposes Share Increase, Stock Price Rises 14%]
Bitmine Immersion Technologies (BMNR) Chairman Tom Lee has proposed increasing the company's authorized shares from 500 million to 50 billion, describing the adjustment as 'aggressive.' Following the news, BitMine's stock price rose 14% on Friday, closing at $30.93 as of 2:48 PM Eastern Time (2:48 AM UTC+8). Lee stated that this move would support capital market operations, potential acquisitions, and future stock splits, while maintaining the stock price within a reasonable range. He also mentioned that BitMine's stock price is highly correlated with Ethereum's price, and if Ethereum's price rises significantly, the company's stock price could become excessively high.