BitMine Immersion Wins Shareholder Backing to Lift Share Cap for Ethereum Push
January 20, 2026
Key Notes
- Shareholders backed a proposal raising authorized shares with 81% support to fund aggressive Ethereum accumulation strategy.
- Bitmine now controls 3.48% of circulating ETH supply, reaching nearly 70% of its ambitious 5% acquisition goal.
- The company disclosed a $200 million investment in Beast Industries alongside MrBeast, expected to close this week.
BitMine Immersion Technologies (NYSE-BMNR) has won overwhelming shareholder approval to increase its authorized share count, accelerating its ambitious plan to accumulate Ethereum
ETH
$2 986
24h volatility:
7.3%
Market cap:
$360.33 B
Vol. 24h:
$31.70 B
and press ahead as a leading public ETH treasury, despite recent dilution in its share price.
The company shareholders voted in favor of all four proposals at the company’s January 15 annual meeting in Las Vegas, including a key measure to increase the authorized share count. Proposal 2, which lifts the share limit, received 81% of the votes cast and was supported by 52.2% of the total outstanding shares, signaling broad investor support for BitMine’s equity-funded Ethereum treasury strategy.
In response to the vote, Chairman Thomas “Tom” Lee said the outcome demonstrates stockholders understand the firm’s approach and reiterated that BitMine has not sold, and does not intend to sell, shares below its measured NAV per share, according to their press release.
Building on this backing, the company positions the higher authorization as fuel for further ETH purchases under its “alchemy of 5%” plan, which aims to acquire 5% of the Ethereum supply. BitMine now holds 4,203,036 ETH, equal to about 3.48% of the 120.7 million ETH in circulation, putting it nearly 70% of the way to that target in roughly six months.
Related article: Bitcoin Crashes Below $90K, $600M Liquidations Hit Crypto Traders
To complement its treasury activities, BitMine also disclosed further details of the $200 million investment in Beast Industries, the private company tied to Jimmy “MrBeast” Donaldson, which was signed on January 15 and is expected to close this week.
On January 20, following the shareholder announcement, BMNR shares declined intraday, with the reported close 8% lower at $28.35, and volume near 26,490,000 shares, below its 44.9 million average, according to Yahoo! Finance. Over the past year, BMNR has seen significant volatility, trading from $3.20 to $161, reflecting crypto market swings and treasury announcements.
BMNR stock price performance | Source: Yahoo! Finance
Despite this recent dip, BitMine remains among the top 60 most traded US stocks by dollar volume, with recent five-day averages of $1.3–$1.5 billion.
The company remains the leading Ethereum treasury, ranking as the largest ETH holder among public companies and the second-largest global crypto treasury, behind MicroStrategy, according to Coingecko.
As reported by Coinspeaker earlier today, the firm reports 1,838,003 ETH staked, valued at about $5.9 billion at a reference price of $3,211 per ETH, making it one of the entities with the most funds in staking worldwide.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He wrote at top outlets like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.
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