BitMine Immersion Technologies (NYSE: BMNR) has received overwhelming shareholder support to increase its authorized share count, a move designed to accelerate its ambitious plan to accumulate Ethereum and establish itself as a leading public ETH treasury. At the company's annual meeting on January 15, 2026, in Las Vegas, shareholders voted in favor of all four proposals, including the critical measure to lift the share limit.
Proposal 2, which authorizes the share increase, passed with 81% of the votes cast and was supported by 52.2% of all outstanding shares. This signals broad investor backing for BitMine's equity-funded strategy to buy Ethereum. In response, Chairman Thomas "Tom" Lee stated the outcome shows stockholders understand the firm's approach and reiterated that BitMine has not and does not intend to sell shares below its measured Net Asset Value (NAV) per share.
The increased share authorization is intended to fuel further ETH purchases under the company's "alchemy of 5%" plan, which aims to acquire 5% of Ethereum's total supply. As of January 20, 2026, BitMine holds 4,203,036 ETH, valued at approximately $12.8 billion. This represents about 3.48% of the 120.7 million ETH in circulation, meaning the company is nearly 70% of the way to its target after roughly six months of accumulation.
In a related development, BitMine has significantly expanded its staking activities. The company now has 1,838,003 ETH staked, worth about $5.9 billion at a reference price of $3,211 per ETH. This staked balance is projected to generate over $370 million in annual staking rewards once fully deployed, positioning BitMine as one of the largest entities globally in terms of staked Ethereum. The staking expansion is also in preparation for the upcoming launch of its Made-in-America Validator Network (MAVAN), expected in early 2026.
Despite the strategic progress, BMNR's stock price reacted negatively to the announcement. On January 20, shares closed 8% lower at $28.35, with trading volume near 26.5 million shares. The stock has experienced significant volatility over the past year, trading between $3.20 and $161. Nonetheless, BitMine remains among the top 60 most traded U.S. stocks by dollar volume, with recent five-day averages of $1.3–$1.5 billion.
BitMine's portfolio also includes 193 bitcoins and $979 million in cash. The company is now recognized as the largest Ethereum holder among public companies and the second-largest global crypto treasury overall, trailing only MicroStrategy. Separately, BitMine disclosed further details of a $200 million investment in Beast Industries, the private company tied to Jimmy "MrBeast" Donaldson, a deal signed on January 15 and expected to close the week of the announcement.
