BitMine Immersion Technologies (NYSE:BMNR) acquired 24,266 Ethereum (CRYPTO: ETH) last week, lifting holdings to 4.17 million ETH worth $13 billion, but Chairman Tom Lee warned accumulation will slow without shareholder approval to increase authorized shares.

BitMine Needs 50.1% Shareholder Approval Or ETH Buying Stops

Lee said BitMine is about to exhaust its current 500 million authorized share limit, which will force the company to slow ETH accumulation when it runs out of equity to sell. 

A shareholder vote takes place Thursday at the Wynn Las Vegas requiring 50.1% of all outstanding shares—not just those voting—to approve the increase.

“This is an extremely high bar and thus, makes it very difficult to get an authorized share increase,” Lee said. 

“We need to pursue this increase now as Bitmine is soon to exhaust its current 500 million authorization. And when that happens, our ETH accumulation will slow,” he added.

BitMine now owns 3.45% of ETH’s circulating supply of 120.7 million tokens, nearly 70% of the way to its goal of 5%. 

The company added $73 million in cash last week while buying ETH, bringing total cash reserves to $988 million.

BitMine Total Assets Hit $14 Billion

The company staked 1.26 million ETH worth $3.9 billion, up 596,864 in the past week. 

Lee said at full scale, MAVAN (Made in America Validator Network) staking will generate $374 million annually or over $1 million per day using the 2.81% composite Ethereum staking rate.

BitMine appointed Young Kim as CFO and COO last week, adding finance and venture capital expertise as the company scales operations. 

Kim previously served as Partner and Senior Portfolio Manager at Axiom Investors from 2021-2025.

BMNR Stock Surges 4% Testing Triangle Breakout

BMNR is threading between the 0.382 Fibonacci at $31.81 and the 200-day EMA at $33.30, with the SAR flipping bullish at $28.04. 

The triangle’s upper boundary sits around $34-36, and a breakout would project toward $40-44 based on the pattern’s measured move.

What's Next for BMNR

BitMine remains the largest “fresh money” buyer of ETH in the world, funding purchases by selling shares at a premium to modified net asset value (mNAV). 

Without authorization to issue new equity, the company cannot continue its aggressive accumulation strategy.

Upside targets: Breaking $34 opens $36, then $40-44 extension.

Downside risks: Losing $31 support targets $29, then $24 base.

Lee said 2026 should favor Ethereum as stablecoin adoption and tokenization drive blockchain to become the settlement layer of Wall Street.

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