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

BitMine Immersion Technologies (NYSE-BMNR) received strong shareholder approval to increase its authorized share count, supporting its plan to expand its Ethereum holdings. The vote passed with 81% in favor, indicating broad support for BitMine's equity-funded Ethereum treasury strategy.

Shareholders approved all four proposals at the January 15 meeting, including increasing the share count.
Chairman Tom Lee emphasized that BitMine will not sell shares below their net asset value.
The company aims to acquire 5% of the Ethereum supply and currently holds 4,203,036 ETH, or about 3.48% of the total supply.
BitMine also announced a $200 million investment in Beast Industries, linked to Jimmy "MrBeast" Donaldson.

BMNR Stock Activity

BMNR shares fell 8% to $28.35 on January 20, with trading volumes below the average.
The stock has experienced significant volatility over the past year, with prices ranging from $3.20 to $161.
Despite recent declines, BMNR remains among the top 60 most traded US stocks by dollar volume.

BitMine is the largest public holder of Ethereum and the second-largest global crypto treasury behind MicroStrategy, with 1,838,003 ETH staked, valued at approximately $5.9 billion.