Bitmine Immersion Technologies holds 4.168 million Ethereum (ETH) tokens valued at $14 billion, but faces a critical stockholder vote this week that could determine whether the company can continue aggressive accumulation.
Chairman Tom Lee urged shareholders to approve a 100-fold increase in authorized shares from 500 million to 50 billion before the January 14 deadline.
The company added 24,266 ETH last week while increasing cash reserves by $73 million.
What Happened
Bitmine's ETH holdings represent 3.45% of Ethereum's 120.7 million total supply.
The company staked 1.256 million ETH as of January 11, adding 596,864 tokens in one week.
Total holdings include 193 Bitcoin, $988 million cash, and $23 million in Eightco Holdings.
The stock trades $1.3 billion daily, ranking as the 67th most-traded U.S. equity.
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Why It Matters
Proposal 2 requires approval from 50.1% of all outstanding shares, an unusually high threshold that makes passage difficult.
Without authorization, Bitmine will exhaust its current share capacity and halt ETH purchases.
The annual stockholder meeting takes place January 15 at Wynn Las Vegas with voting closing January 14 at 11:59 PM ET.
Lee said the authorization would enable capital market activities, potential acquisitions, and future stock splits as the share price tracks Ethereum's movements.
Bitmine plans to launch its Made in America Validator Network staking platform in Q1 2026.
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