New York, Jan 21, 2026, 13:28 (EST) — Regular session
Shares of BitMine Immersion Technologies, Inc. slipped roughly 2.5% to $27.54 on Wednesday, continuing a decline after the company increased its authorized share count, allowing for a much larger stock issuance. Trading volume hit around 28 million shares by early afternoon.
The vote is crucial since BitMine is trading less as a typical operating company and more like a public vehicle holding a large stash of crypto assets. Approving a broader share authorization often signals a go-ahead for raising capital, which typically brings dilution risks for current shareholders.
Crypto prices have slipped again, squeezing the numbers for firms relying on token values and staking income to back larger balance sheets. Staking involves locking tokens to support a blockchain network, earning rewards in return.
A regulatory filing revealed that shareholders approved an amendment boosting the company’s authorized common stock from 500 million to 50 billion shares at its Jan. 15 annual meeting in Las Vegas. The filing also confirmed investors signed off on an omnibus incentive plan and a performance-based compensation package for the executive chairman.
BitMine reported on Jan. 20 that, as of 5 p.m. ET on Jan. 19, it held 4,203,036 ether, priced at $3,211 each, along with 193 bitcoin, $979 million in cash, and a $22 million stake in Eightco Holdings, which it called “moonshots.” The combined value of its crypto, cash, and moonshots came to $14.5 billion. The company said its ether stake represented roughly 3.48% of the total supply. Out of that, 1,838,003 ether was staked, with the MAVAN staking plan still aiming for a first-quarter rollout.
Chairman Thomas “Tom” Lee presented the stock authorization as a move to support the company’s ongoing crypto accumulation. “In the past week, we acquired 35,268 ETH,” Lee noted, highlighting his belief that Wall Street’s tokenization efforts are largely centered around Ethereum. (PR Newswire)
Ether slipped roughly 3.1% to $2,904 on Wednesday, while bitcoin dropped about 2.1% to $87,884, weighing on crypto-linked stocks.
Authorized shares set the upper limit on what a company can issue—they don’t guarantee a sale. Still, massively increasing that limit gives boards the flexibility to raise cash fast, especially for companies using stock to buy crypto or close deals.
The downside is clear: if ether continues to drop, the treasury’s value shrinks. Issuing more shares could then accelerate the decline. Staking yields aren’t stable either—they shift with network conditions and might fail to cushion token-price losses.
Traders are eyeing potential follow-on stock issuances under the fresh authorization, along with a clear timeline for the promised MAVAN rollout by the first quarter’s end on March 31. Investors also await the latest on the company’s pending Beast Industries investment, which BitMine said should close this week.
