BitMine Immersion Technologies increased its Ethereum treasury by 24,000 ETH, taking total holdings above 4.168 million tokens, the company said. The move cements BitMine’s position as the largest known public ETH holder.
BitMine’s latest acquisition pushed combined crypto and cash assets to roughly $14.0 billion. Company disclosures and investor communications described the buy as part of an aggressive, equity-driven strategy to amass and stake ETH to generate yield and long‑term shareholder value.
Chairman Tom Lee has framed the accumulation as a strategic bet on Ethereum’s outlook. BitMine is pursuing a policy that favors equity raises over debt to fund further ETH purchases and staking infrastructure, a model the company says preserves balance-sheet flexibility while avoiding additional leverage.
The company has proposed increasing its authorized shares from 500 million to 50 billion, a change that requires a 50.1% vote of outstanding shareholders. That vote is set for January 14, and BitMine has urged investors to approve the amendment so it can continue equity-financed ETH purchases without interruption.
Shareholder vote, dilution risk and strategic targets
BitMine warned that failing to secure the vote would likely slow the pace of its ETH accumulation. Management also highlighted the dilution risk inherent in the proposed share expansion, which could affect the valuation of existing stock if the amendment passes and is followed by significant share issuance.
Tom Lee has publicly outlined bullish price scenarios underpinning the strategy. He projected ETH would reach $4,500 by February and had earlier signalled a target range of $10,000–$15,000 by the close of 2025. The company also set an ambitious long‑term objective of ultimately controlling up to 5% of the total ETH supply, while rolling out staking services planned for early 2026 to monetize holdings.
The proposal and the vote crystallize a trade-off for investors: approve aggressive equity flexibility to enable continued ETH accumulation and staking, or block the change and force management to slow purchases or seek alternative funding.
Investors are now focused on the January 14 vote, which will determine whether BitMine can press forward with equity-funded purchases and its stated plan to expand staking operations in early 2026.
