New York, January 21, 2026, 11:31 EST — Regular session
- BitMine shares slipped roughly 0.7% in late morning trades; ether dropped around 2%
- As of Jan. 19, the company revealed it holds $14.5 billion in crypto and cash.
- Stockholders gave the green light to increase authorized shares from 500 million to 50 billion
Shares of BitMine Immersion Technologies dipped roughly 0.7% to $28.05 on Wednesday following the company’s announcement of a significant rise in its authorized share count and an update on its Ethereum holdings.
The vote is crucial as BitMine positions itself as an “Ethereum treasury” stock—a public-market vehicle backed by a sizable cache of ether (ETH), the token behind the Ethereum blockchain. Increasing authorized shares gives the company flexibility to issue more equity, a common way to raise funds.
The timing couldn’t be worse. Ether dropped around 2% during the session and now trades about 8% below the $3,211 reference price BitMine used for its most recent holdings update, magnifying the daily volatility on the company’s crypto-backed balance sheet.
BitMine reported holding 4,203,036 ETH at 5 p.m. ET on Jan. 19, alongside 193 bitcoin and $979 million in cash. The company also noted a $22 million stake in Eightco Holdings, categorizing it as one of its “moonshots.” Overall, BitMine valued its combined crypto and cash assets at $14.5 billion.
According to an 8-K filing, stockholders approved a charter amendment to boost authorized common stock from 500 million to 50 billion shares. The vote tallied 222,226,997 in favor and 49,445,035 against. The amendment took effect in Delaware at noon ET on Jan. 16, the filing noted. Sec
At the same meeting, eight directors were re-elected and the company’s 2025 omnibus incentive plan received approval. Shareholders also cast a non-binding vote on a special performance-based pay deal for the executive chairman.
BitMine spotlighted its move into staking, where ether is locked up to validate Ethereum transactions and earn rewards. As of Jan. 19, the company reported 1,838,003 tokens staked. It’s collaborating with three staking providers and plans to launch its own platform, MAVAN, in Q1 2026.
Chairman Thomas “Tom” Lee revealed that BitMine acquired 35,268 ETH over the last week. He highlighted the rising ether-to-bitcoin price ratio as a clear sign of mounting institutional interest in Ethereum-based finance apps. Prnewswire
The company confirmed a $200 million investment in privately held Beast Industries made on Jan. 15 and said it expects the deal to close this week. It noted that this investment isn’t included in the current “moonshots” figure.
The expanded share authorization works both ways. It gives BitMine room to maneuver, but also opens the door to dilution if the company moves quickly to issue more stock. Plus, the value of its holdings could drop sharply if ether prices slip or staking rewards shrink.
Traders are now focused on whether BitMine will confirm closing the Beast Industries deal this week. They’re also looking for an update on MAVAN’s timeline, plus any news on new equity issuance or crypto buys following the charter amendment.
