BitMine Doubles Down on Ethereum Staking With Additional $260 Million Staked

Core Insights - BitMine has locked up nearly $1.6 billion of its Ethereum treasury in staking contracts, positioning itself as a major network validator [1] - The company has staked approximately 544,064 ETH, which is about 13% of its total 4.07 million ETH stockpile [2] - BitMine aims to generate yield on its holdings by committing assets to the consensus layer, transforming its balance sheet into a productive instrument [3] Group 1 - BitMine is preparing for a major expansion by requesting to increase its authorized share count from 500 million to 50 billion [3][4] - The increase in authorized shares is framed as a mechanism for future stock splits and to maintain the share price near $25, but it indicates broader ambitions [4] - This structure allows BitMine to conduct At-The-Market (ATM) equity offerings to fund additional Ethereum purchases aggressively [5] Group 2 - BitMine could leverage the NAV premium, which is the gap between the share price and the value of its underlying assets [6] - However, this strategy may dilute existing shareholders [7] - BitMine's Chairman has outlined scenarios where ETH could reach $250,000, driven by trends in tokenization on Wall Street [8]