Bitmine Immersion Technologies said shareholders approved a proposal to increase the company’s authorized share count, giving it added flexibility to support its long term Ethereum accumulation strategy.
Proposal 2 passed with 81% of votes cast in favor, representing 52.2% of outstanding shares, following a vote at the company’s annual meeting on January 15, 2026.
Chairman Tom Lee said the outcome signals investor support for BitMine’s capital strategy, adding that the company does not intend to issue shares below its modified net asset value, or mNAV.
As of January 19, BitMine reported total crypto cash and equity holdings of about $14.5 billion. The balance sheet includes roughly 4.2 million Ether, around 3.48% of total ETH supply, 193 Bitcoin, $979 million in cash, and a $22 million equity stake in Eightco Holdings. A $200 million investment in Beast Industries is expected to close and will be carried at cost.
BitMine said it acquired 35,268 ETH over the past week and currently has about 1.84 million ETH staked, valued near $5.9 billion. The company is preparing to launch its Made in America Validator Network later this year to expand staking operations.
Shares of BitMine fell about 8% on Tuesday alongside a broader crypto market pullback, with Ether trading near $3,000 after retreating from levels above $3,300 last week.
