Tom Lee’s BitMine Stakes Another $260 Million in Ethereum

This latest tranche brings its total staked inventory to approximately 544,064 ETH—roughly 13% of its 4.07 million ETH stockpile.

By committing these assets to the consensus layer, BitMine aims to generate yield on its holdings. The move effectively turns its balance sheet into a productive instrument rather than a static store of value.

However, the maneuver coincides with a sweeping proposal to restructure the company’s capital base to fund what management describes as an Ethereum “supercycle.”

In a January 2 post on X, BitMine Chairman Tom Lee requested approval to increase the company’s authorized shares from 500 million to 50 billion.

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While Lee framed the hundredfold increase as a mechanism to facilitate future stock splits and keep the share price near $25, the sheer scale of the authorization suggests broader ambitions.

He notes that a 50 billion share ceiling provides BitMine with an enormous runway to conduct At-The-Market (ATM) equity offerings.

This structure would allow BitMine to sell new stock to fund additional Ethereum purchases aggressively.

He argued that BitMine could take advantage of the NAV premium, or the gap between the share price and the value of its underlying assets.

However, it could also dilute existing shareholders.

Nonetheless, Lee outlined scenarios in which ETH could reach $250,000, driven by Wall Street’s tokenization trends.

“We believe Ethereum is the future of finance. A supercycle drive by Wall Street re-engineering on the blockchain. Major Wall Street leaders agree. BlackRock’s Larry Fink said tokenization is the next evolution of global markets. And the vast majority of tokenization is happening on Ethereum,” Lee said.

At those valuations, BitMine argues its implied share price could reach $5,000, necessitating splits of up to 100-for-1 to maintain retail accessibility.