BitMine stakes 1.5 million ETH, faces crucial shareholder vote on shares

BitMine Increases Ethereum Staking

BitMine deposited 186,560 ETH into the Beacon Chain, raising its total staked balance to 1,530,784 ETH.
The current value of BitMine's staked position is approximately $5.13 billion.
BitMine now holds about 4% of all ETH staked on the Beacon Chain, with total network staking near 36 million ETH.
The company has more than 4 million ETH in total, with 37% staked.
As of January 12, BitMine reported holdings of 4,167,768 ETH, 192 BTC, nearly $1 billion in cash, and a $23 million equity stake in Eightco Holdings.

Ethereum Market Dynamics

Ethereum’s validator entry queue has reached 2.3 million ETH, indicating increased competition for validator slots.
ETH turned bullish recently, gaining 7% and trading at $3,286 at press time.

Upcoming Shareholder Vote

On January 15, BitMine shareholders will vote on Proposal 2, which aims to increase authorized shares from 500 million to 50 billion.
If rejected, BitMine could face growth limitations, relying on its $988 million cash balance for acquisitions.
The vote requires a simple majority; rejection may delay expansion plans.
Young Kim was appointed Chief Financial Officer and Chief Operating Officer ahead of the vote.

BitMine plans to outline post-vote strategies, including updates on its Made in America Validator Network and potential market purchases, during an annual meeting in Las Vegas.