New York, January 14, 2026, 11:37 AM EST — Regular session
- Shares of Bitmine climbed roughly 8.5% following a shareholder video that supported a charter amendment to increase authorized shares
- The deadline to cast proxy votes is 11:59 p.m. ET this Wednesday, before the annual meeting on Jan. 15 in Las Vegas
- This week, the company revealed a bigger Ethereum stake alongside about $14 billion in combined crypto and cash holdings
Shares of Bitmine Immersion Technologies Inc surged roughly 8.5% on Wednesday, continuing a choppy streak for the NYSE American-listed crypto firm. The company urged investors to back a change in share authorisation before its upcoming annual meeting.
This matters as the voting period ends late Wednesday, and the company says it’s nearly out of the shares it can issue under current rules. Bitmine has cautioned that if shareholders turn down the proposal, it may face difficulties financing future buys or deals with stock—a typical method for crypto-treasury firms.
Bitmine reported on Monday that it held 4,167,768 ether tokens as of Jan. 11 at 7 p.m. ET, along with 193 bitcoin and $988 million in cash. This puts the total value of its crypto, cash, and other investments around $14.0 billion. Chairman Thomas “Tom” Lee noted the firm “only issues equity selectively and only at a premium” to its net asset value, which is assets minus liabilities. Sec
In a brief video released Wednesday, Lee warned shareholders the company is close to running out of shares to issue and urged a vote in favor of “proposal two” before the deadline. He noted the proposal requires approval from “50.1% of all stockholders,” a tough threshold he linked to the company’s sizable retail investor base. Sec
Bitmine last traded at $33.87, swinging between $31.63 and $34.18. By late morning, over 30 million shares had already exchanged hands—well above the usual volume for many small-cap stocks.
Crypto-linked stocks got a boost as digital assets climbed. Ether jumped around 6%, bitcoin added roughly 4%, and shares of Strategy Inc, Coinbase Global, Marathon Digital, and Riot Platforms all moved higher.
Bitmine’s latest quarterly filing on Tuesday revealed the volatility in its earnings tied to crypto prices. For the quarter ending Nov. 30, the company reported $2.3 million in revenue but posted a massive net loss of $5.2 billion. That loss was largely due to a $5.25 billion unrealized hit on its digital asset holdings, recorded under fair-value accounting. Sec
The same filing revealed Bitmine’s focus has moved from self-mining to leasing, staking, and consulting. Leasing revenue hit $1.1 million, staking brought in $980,000 this quarter, but self-mining revenue plunged to just $2,000, down from $484,000 a year ago.
The bet cuts both ways. Increasing the authorized share count gives Bitmine more flexibility to raise capital, but it also ups the risk of dilution if they issue new stock. The 10-Q revealed material weaknesses in internal controls, too. Plus, the company’s earnings can swing sharply on paper when ether prices fluctuate.
Investors are zeroed in on whether the proposal will get the green light and how Bitmine plans to update them afterward. Should shareholders miss the necessary threshold, the company warns that its efforts to grow its ether holdings might stall—at least until alternative funding options emerge.
