BitMine adds 24,000 ether, but warns accumulation may slow without shareholder approval

Core Viewpoint - Bitmine Immersion Technologies (BMNR) is actively accumulating ether (ETH) but faces potential limitations on its purchasing pace due to the need for shareholder approval for new equity issuance [1][2]. Group 1: Ether Accumulation - Bitmine added 24,266 ether last week, increasing its total holdings to 4,167,768 tokens, which represents 3.45% of the circulating supply of ether [1]. - The company aims to ultimately acquire 5% of all ether tokens [1]. Group 2: Shareholder Approval - Chairman Thomas Lee stated that continued accumulation of ETH is contingent upon receiving shareholder approval for new equity issuance [2]. - A shareholder vote is scheduled for Thursday, requiring 50.1% support from all outstanding shares for the proposal to proceed [2]. Group 3: Financial Position - Bitmine's total assets, including crypto, cash, and strategic investments, reached $14 billion last week, with ETH prices around $3,100 [4]. - The firm increased its cash reserves by $73 million to a total of $988 million [4]. - Bitmine holds 193 bitcoin and a $23 million stake in Eightco Holdings, and has staked over 1.2 million of its ETH to generate revenue [4].