BitMine Immersion Technologies (BMNR), the largest corporate holder of the second largest cryptocurrency, ether ETH$2,888.78, made its largest ETH purchase of the year last week following a key shareholder vote that gave the company fresh room to raise capital.
The firm said Monday it added 40,302 ETH — worth almost $117 million at current prices — to its treasury, bringing its holdings to over 4.24 million tokens, or 3.52% of ether’s supply.
The firm’s crypto and cash holdings now total $12.8 billion, including 193 bitcoin BTC$87,676.36, $682 million in cash, and stakes in Eightco Holdings and its $200 million investment in Beast Industries, the venture founded by YouTube creator MrBeast.
The purchases followed shareholders’ approval of an expansion of BitMine’s authorized share count, enabling the company to raise additional funds through equity issuance. That financial flexibility allowed BitMine to resume more aggressive accumulation after signaling earlier this month that buying could slow without new authorization.
BitMine said it has also staked over 2 million ETH — nearly half of its total holdings — turning a significant portion of its treasury into a yield-generating asset. The firm’s rapid pace has contributed to congestion on the Ethereum staking network, where the wait time to become a new validator has now reached 54 days.
The company anticipates generating over $400 million in annual pre-tax income on its ether holdings, Chairman Tom Lee said at a shareholder meeting earlier this month.
Read more: Tom Lee’s BitMine pushes Ethereum into $8 billion staking backlog
