BitMine Purchases 35,268 ETH ($110M) After 52% Shareholder Support

BitMine Immersion Technologies, Inc. added 35,268 ETH to its holdings last week, a purchase valued at approximately $110 million. The acquisition reflects the company’s ongoing strategy to accumulate Ethereum and strengthen its crypto portfolio.

The move follows strong shareholder support, with 52.2% of total outstanding shares voting “yes” on proposals backing the company’s strategy. All four proposals on January 15 passed, including Proposal 2, which increased authorized shares and received 81% support.

BitMine Strengthens ETH Position

BitMine’s total crypto and cash holdings reached $14.5 billion, the company announced in a Tuesday press release. This total includes 4,203,036 ETH, 193 BTC, $22 million in ‘moonshots,’ and $979 million in cash.

Tom Lee, BitMine’s spokesperson, said the ETH purchase reflects recognition of Ethereum’s growing role in tokenization and financial applications. He emphasized that the company does not plan to sell shares below market net asset value (mNAV).

The company’s Ethereum holdings represent 3.48% of the total ETH supply of 120.7 million tokens. Of this, 1,838,003 ETH, worth $5.9 billion, is staked across three providers as part of the upcoming Made in America Validator Network (MAVAN).

With a Composite Ethereum Staking Rate (CESR) of 2.81%, BitMine expects roughly $374 million in annual staking fees. MAVAN is scheduled to launch in early 2026, aiming to expand the company’s staking services.

Strong Shareholder Support for BitMine

The recent ETH purchase and shareholder approval highlight BitMine’s focus on long-term accumulation. Moreover, engagement from thousands of individual stockholders demonstrates strong trust in the company’s strategy.

“We appreciate the engagement and action by the BitMine stockholder community. There are over 500,000 individual stockholders and over 52.2% of all shares outstanding voted ‘yes.’ To me, this is a testament to the engagement and trust by our stockholders,” Lee stated.

Meanwhile, BMNR shares fell about 7.38% on Tuesday as broader markets and crypto assets slid. The decline follows President Trump’s threats of new tariffs against seven European Union countries and the U.K. over Greenland. He also threatened up to 200% tariffs on French wines, rekindling trade war concerns.

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