BitMine Immersion Wins Shareholder Backing to Lift Share Cap for Ethereum Push

BitMine Immersion Technologies (NYSE-BMNR) has won overwhelming shareholder approval to increase its authorized share count, accelerating its ambitious plan to accumulate Ethereum ETH $2 994 24h volatility: 7.0% Market cap: $361.39 B Vol. 24h: $31.00 B and press ahead as a leading public ETH treasury, despite recent dilution in its share price.

The company shareholders voted in favor of all four proposals at the company’s January 15 annual meeting in Las Vegas, including a key measure to increase the authorized share count. Proposal 2, which lifts the share limit, received 81% of the votes cast and was supported by 52.2% of the total outstanding shares, signaling broad investor support for BitMine’s equity-funded Ethereum treasury strategy.

In response to the vote, Chairman Thomas “Tom” Lee said the outcome demonstrates stockholders understand the firm’s approach and reiterated that BitMine has not sold, and does not intend to sell, shares below its measured NAV per share, according to their press release.

Building on this backing, the company positions the higher authorization as fuel for further ETH purchases under its “alchemy of 5%” plan, which aims to acquire 5% of the Ethereum supply. BitMine now holds 4,203,036 ETH, equal to about 3.48% of the 120.7 million ETH in circulation, putting it nearly 70% of the way to that target in roughly six months.

To complement its treasury activities, BitMine also disclosed further details of the $200 million investment in Beast Industries, the private company tied to Jimmy “MrBeast” Donaldson, which was signed on January 15 and is expected to close this week.

BMNR Stock Trades Lower But Stays Active

On January 20, following the shareholder announcement, BMNR shares declined intraday, with the reported close 8% lower at $28.35, and volume near 26,490,000 shares, below its 44.9 million average, according to Yahoo! Finance. Over the past year, BMNR has seen significant volatility, trading from $3.20 to $161, reflecting crypto market swings and treasury announcements.

BMNR stock price performance | Source: Yahoo! Finance

Despite this recent dip, BitMine remains among the top 60 most traded US stocks by dollar volume, with recent five-day averages of $1.3–$1.5 billion.

The company remains the leading Ethereum treasury, ranking as the largest ETH holder among public companies and the second-largest global crypto treasury, behind MicroStrategy, according to Coingecko.

As reported by Coinspeaker earlier today, the firm reports 1,838,003 ETH staked, valued at about $5.9 billion at a reference price of $3,211 per ETH, making it one of the entities with the most funds in staking worldwide.

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