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

Core Viewpoint - BitMine Immersion Technologies has received strong shareholder approval to increase its authorized share count, which supports its strategy to accumulate Ethereum and establish itself as a leading public ETH treasury despite recent share price dilution [1][2]. Shareholder Approval - Shareholders voted in favor of all four proposals during the January 15 annual meeting, with the proposal to increase the authorized share count receiving 81% of the votes cast and 52.2% of total outstanding shares, indicating broad support for the company's equity-funded Ethereum treasury strategy [2]. Company Strategy - The company plans to utilize the increased share authorization to further its "alchemy of 5%" initiative, aiming to acquire 5% of the total Ethereum supply. Currently, BitMine holds 4,203,036 ETH, which is approximately 3.48% of the 120.7 million ETH in circulation, nearing its target in about six months [4]. Investment Activities - BitMine has also announced a $200 million investment in Beast Industries, associated with Jimmy "MrBeast" Donaldson, which was signed on January 15 and is expected to close shortly [5]. Stock Performance - Following the shareholder announcement on January 20, BMNR shares fell 8% to close at $28.35, with trading volume at 26,490,000 shares, below the average of 44.9 million. The stock has experienced significant volatility over the past year, ranging from $3.20 to $161 [6]. Market Position - Despite the recent decline, BitMine remains one of the top 60 most traded US stocks by dollar volume, with recent five-day averages between $1.3 billion and $1.5 billion. It is the largest ETH holder among public companies and the second-largest global crypto treasury, following MicroStrategy [7]. Staking Information - BitMine reports having 1,838,003 ETH staked, valued at approximately $5.9 billion at a reference price of $3,211 per ETH, positioning it among the entities with the highest funds in staking worldwide [8].