BitMine Immersion Technologies (NYSE:BMNR) has amplified its Ethereum (ETH) holdings by acquiring 24,266 tokens last week, elevating its total to 4.17 million ETH, currently valued at approximately $13 billion. However, a slowdown in this accumulation strategy appears imminent unless shareholders approve an increase in the company's authorized shares.
Ownership Scope and Capital Position
Currently, BitMine owns about 3.45% of Ethereum’s circulating supply, which stands at 120.7 million tokens. This accumulation places the company near 70% of its target ownership stake of 5% of the total ETH supply. Alongside its Ethereum holdings, BitMine's overall assets reach $14 billion, a composite figure that includes 193 Bitcoin (BTC), a $23 million position in Eightco Holdings (NASDAQ:ORBS), and nearly $988 million in cash reserves.
Last week, while acquiring additional ETH, BitMine increased its cash position by $73 million, enhancing its liquidity as it navigates its asset acquisition strategies.
Authorized Shares and Implications for Growth
A significant operational constraint confronting BitMine is the impending exhaustion of its current 500 million authorized share limit. According to Chairman Tom Lee, the company will soon hit this ceiling, restricting its capacity to raise capital by issuing new shares. This restriction would directly impact its ability to continue acquiring Ethereum at the current scale since the ETH accumulation is financed through the sale of these shares.
To address this limitation, the company has scheduled a critical shareholder vote for Thursday at the Wynn Las Vegas. The approval threshold is particularly stringent: a minimum of 50.1% of all outstanding shares—not merely a majority of votes cast—must agree to the increase. Lee emphasized that this elevated bar presents a considerable challenge for securing authorization.
“We must pursue this increase now,” Lee stated, “because once the 500 million share cap is reached, our Ethereum purchases will inevitably slow.” This makes the forthcoming vote a pivotal moment for the continued expansion of BitMine’s ETH portfolio.
Staking Operations and Revenue Outlook
BitMine is actively engaging in Ethereum staking through its MAVAN (Made in America Validator Network) initiative. Currently, the company has staked 1.26 million ETH valued at $3.9 billion, reflecting an increase of 596,864 ETH in the prior week alone.
Lee outlined that at MAVAN’s full operational scale, staking is projected to generate annual revenue of $374 million, which averages out to more than $1 million each day. This forecast relies on the composite Ethereum staking rate of 2.81%, underscoring the importance of staking income as part of BitMine’s financial model.
Leadership and Strategic Growth
In response to scaling operations, BitMine appointed Young Kim as Chief Financial Officer and Chief Operating Officer last week. Kim brings a robust background in finance and venture capital, most recently serving as Partner and Senior Portfolio Manager at Axiom Investors from 2021 through 2025. His addition is expected to support BitMine’s ambitions in capital management and expanded operational oversight.
Stock Performance and Technical Analysis
Following the recent share acquisitions, BitMine’s stock (BMNR) witnessed a notable 4% surge. Price movement indicates that BMNR is trading between the 0.382 Fibonacci retracement level at $31.81 and the 200-day exponential moving average (EMA) at $33.30. Additionally, the Parabolic SAR indicator flipped bullish at $28.04, suggesting positive momentum.
The upper boundary of the current trading triangle pattern is positioned between $34 and $36. A breakout above this zone could propel the stock toward $40 to $44, based on the pattern’s measured move. Conversely, key support levels lie at $31, with downside targets at $29 and a further $24 base if those supports fail.
Forward Outlook and Market Context
BitMine stands as the largest “fresh money” participant in the Ethereum market globally, funding ongoing ETH acquisitions by issuing new shares at a premium over its modified net asset value (mNAV). This strategy hinges on the approval to expand share authorization; without it, BitMine’s aggressive growth in Ethereum holdings faces significant limitations.
Looking ahead, Chairman Lee expects 2026 to be a favorable year for Ethereum, driven by increased stablecoin adoption and the rise of tokenization. These factors are projected to position the Ethereum blockchain as a foundational settlement layer for Wall Street activities.