BMNR stock forecast as BitMine shareholders votes on increasing share count

BitMine stock price will be in the spotlight this week as the ongoing Ethereum rebound coincides with a key vote on boosting the number of authorized shares in the near term. The BMNR stock ended the week at $31.20, up from last week’s low of $27.

BitMine shareholder to vote on increasing shares to 50 billion

The BMNR stock price will likely be highly volatile in the coming days as the shareholders vote on authorizing more shares. They will determine whether to boost the outstanding shares from 500 million to 50 billion.

In a statement, Tom Lee noted that the new fundraising will enable it to have selective at-the-money (ATM) and capital raising opportunity over time.

At the same time, he noted that the new authorization will enable opportunistic deals such as mergers and acquisitions (M&A). Most importantly, he noted that the new fundraising will enable the company to execute future share splits as he expects that the Ethereum price will continue rising in the long term.

However, critics have pointed to some major holes in Lee’s argument. First, analysts argue that the new share expansion will be too much, considering that it is nearing its goal of its Ethereum accumulation strategy.