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…

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