Ethereum major player Bitmine Immersion has approved an expansion of its stock issuance quota, with 81% of investors supporting the move.

Tom Lee-led major Ethereum trading company Bitmine Immersion Technologies has received strong support from investors for the expansion of its authorized shares. In the annual shareholders’ meeting held in January 2025, the proposal was approved with 81% of the total votes, significantly broadening the company’s path for future fundraising.

This decision provides Bitmine with new financing options and allows for more flexible execution of acquisition and ongoing asset accumulation strategies. The company’s executives clearly stated that they would not issue new shares at a price below the market net asset value (mNAV) to prevent dilution of existing shareholders’ ownership, demonstrating their commitment to protecting investor interests.

The overwhelming voting results demonstrate strong market trust

The voting at the annual shareholders’ meeting recorded an extremely high approval rate. The 81% result reflects investors’ strong confidence in Bitmine’s management strategy and asset management policies. With this approval, the company can raise the upper limit of share issuance, enabling faster growth funding and strategic investments.

Expanding the authorized share count does not mean immediate issuance of new shares but rather increases future issuance potential. In other words, the legal framework for Bitmine to undertake new fundraising measures as needed has been expanded.

Holding 3.5% of Ethereum circulation, building a diversified asset portfolio

Bitmine currently holds 4.203 million ETH, accounting for approximately 3.5% of the total circulating supply of Ethereum. Considering ETH prices around $2.38K as of February 2026, this alone amounts to assets worth several billion dollars.

In addition to ETH, the company holds 193 BTC (currently valued at $78.30K each) and $22 million worth of shares in Eightco Holdings (ORBS), diversifying across multiple asset classes. This multi-asset portfolio structure suggests a corporate strategy aimed at reducing market volatility risks while pursuing long-term value creation.

Operating approximately 1.83 million ETH with a compound staking rate of 2.83%

Bitmine is generating returns on about 1.83 million ETH at a compound staking rate of 2.83%. This level of staking rate is competitive compared to market averages. Continuous returns from staking increase cash flow generated from holdings, serving as a key strategy to enhance the company’s self-financing capacity.

Growth strategy demonstrated by a $200 million investment in Beast Industries

Recently, Bitmine made a $200 million investment in the emerging company Beast Industries. This decision goes beyond simple asset diversification, indicating active participation in promising business opportunities. In addition to its large ETH holdings, pursuing new value creation opportunities through strategic investments reflects a shift in the company’s management approach from asset holding to asset utilization.

Protecting investor value and market valuation

Bitmine’s management has worked to reassure investors regarding the impact of issuing new shares on existing shareholders. The promise not to issue shares below the market net asset value (mNAV) is an important statement demonstrating a commitment to investor protection.

Currently, the company’s shares are trading at 0.86 times the mNAV, indicating that the market has yet to fully recognize the company’s potential value. However, with substantial ETH holdings and successful investment strategies, this valuation gap may narrow over time.

The approval to expand the share issuance framework is a crucial step for Bitmine Immersion to pursue more aggressive growth strategies, likely further increasing its influence in the ETH market.