BitMine increases its holdings by 24,000 ether, but cautions that further accumulation could decelerate unless shareholders give their consent

Bitmine Immersion Technologies Expands Ethereum Holdings, Faces Potential Slowdown

Bitmine Immersion Technologies (BMNR), recognized as the largest crypto treasury company with a focus on Ethereum, has continued to increase its ether (ETH) reserves over the past week. However, the company cautions that this rate of accumulation may not be sustainable in the near future.

Last week, Bitmine acquired an additional 24,266 ETH, bringing its total holdings to 4,167,768 tokens as of Sunday. This acquisition means Bitmine now controls 3.45% of the total circulating supply of ether, moving closer to its target of holding 5% of all ETH tokens.

Chairman Thomas Lee stated on Monday that the company’s ability to keep purchasing ETH is contingent on shareholders approving the issuance of additional equity.

Lee warned that without this approval, Bitmine may have to reduce its ether acquisitions in the coming weeks.

“It’s crucial for us to secure this increase now, as our current $500 million authorization is nearly depleted,” Lee explained. “Once that limit is reached, our pace of ETH accumulation will inevitably decline.”

A vote among shareholders is scheduled for Thursday. The proposal to expand the share authorization requires at least 50.1% of outstanding shares to be in favor for it to pass.

“Achieving this level of support is quite challenging, making it difficult to obtain approval for the share increase,” Lee noted. He is also set to speak at CoinDesk’s Consensus Hong Kong event next month.

While many other digital asset treasuries have reduced their crypto purchases recently due to market volatility, Bitmine has continued to buy ETH, funding these acquisitions through share sales.

As of last week, Bitmine’s total assets—including cryptocurrency, cash, and strategic investments—rose to $14 billion, with ETH trading near $3,100. The company also boosted its cash reserves by $73 million, reaching a total of $988 million. Additionally, Bitmine holds 193 bitcoin and maintains a $23 million investment in Eightco Holdings.

The company has staked over 1.2 million ETH, enabling it to generate income from its holdings.