Bitmine reaches 416.8 million ETH in key shareholder votes

Source: Yellow Original Title: Bitmine reaches 4,168M ETH amid a critical vote on actions

Original Link: Bitmine Immersion Technologies owns 416.8 million Ethereum (ETH) tokens, valued at $14 billion, but faces a crucial shareholder vote this week that could determine whether the company can continue its aggressive token accumulation.

Chairman Tom Lee urges shareholders to approve the authorization to increase shares by 100 times, from 500 million shares to 50 billion shares, with a deadline of January 14.

Last week, the company added 24,266 ETH, while increasing cash reserves by $73 million.

What happened

Bitmine’s ETH holdings account for 3.45% of the total supply of 120.7 million Ethereum.

The company invested 1.256 billion ETH on January 11, increasing its tokens by 596,864 within a week.

Total holdings include 193 Bitcoin, $988 million in cash, and $23 million in Eightco Holdings.

The stock has an average daily trading volume of $1.3 billion, making it the 67th most traded stock in the US.

Why it matters

Proposal 2 requires approval of 50.1% of all circulating shares, which is an unusually high threshold, making approval difficult.

Without this authorization, Bitmine will exhaust its current share issuance capacity and cease ETH purchases.

The annual shareholders’ meeting will be held on January 15 at the Wynn Hotel in Las Vegas, with voting ending at 11:59 PM Eastern Time on January 14.

Lee stated that this authorization will enable capital market activities, potential acquisitions, and future stock splits, as the stock price follows Ethereum’s price movements.

Bitmine plans to launch its US-made validator network staking platform in Q1 2026.