BitMine (BMNR) Secures “50 Billion Share” Expansion to Fund “Alchemy of 5%” Ethereum Vision Amid Market Dip

This week, BitMine Immersion Technologies (BMNR) got a lot of support from shareholders to greatly increase the number of shares it can

Written by: Arslan Butt • Wednesday, January 21, 2026 • 3 min read

• Last updated: Wednesday, January 21, 2026

Quick overview

BitMine Immersion Technologies received shareholder approval to increase its authorized shares from 500 million to 50 billion, allowing for future expansion and acquisitions.
The company currently holds over 4.203 million ETH, making it the largest corporate holder of Ethereum, and has recently staked nearly 1.83 million ETH.
BitMine's $200 million investment in Beast Industries aims to expand its user base and enter DeFi-linked financial services, despite concerns about potential stock dilution.
The company faces challenges with a recent net loss of $5.2 billion and declining stock prices, raising questions about its future strategy and management effectiveness.

This week, BitMine Immersion Technologies (BMNR) got a lot of support from shareholders to greatly increase the number of shares it can issue. This gives the Ethereum-focused company a lot of freedom to pay for future expansion projects and acquisitions.

The “Alchemy of 5%”: BitMine’s Path to Ethereum Dominance

Proposal 2 approved with 81% of the votes at the company’s annual stockholder meeting on January 15. This lets BitMine raise the number of authorized shares from 500 million to 50 billion. The permission comes as the corporation strengthens its position as the largest corporate holder of Ethereum ETH/USD, now controlling over 4.203 million ETH, which is about 3.5% of the total circulating supply of the cryptocurrency.

“The proposal doesn’t mean issuing new stock right away; it just raises the limit on how many shares the company can issue in the future,” the company said in a news release on Tuesday.

BitMine’s enhanced authorization gives management more freedom as it works to build up and diversify its Ethereum holdings in an aggressive way. Last week, the company added 35,268 ETH to its holdings. It has also staked almost 1.83 million ETH at a 2.83% Composite Ether Staking Rate, which means it is making money passively from its large cryptocurrency position.

BitMine’s treasury now has 193 Bitcoin, a $22 million interest in Eightco assets, and around $1 billion in cash reserves, in addition to its main Ethereum assets. The company’s diverse business puts it at the crossroads of crypto mining, staking, and managing its treasury.

A Creator-Led DeFi Pivot: The $200 Million MrBeast Bet

BitMine’s $200 million investment in Beast Industries is part of the company’s plan to grow its worldwide user base and expand into DeFi-linked financial services. This strategic move shows that management wants to build around Ethereum as a long-term operational foundation instead of just a trading asset.

But there are risks that come with the expansion. BitMine management wanted to calm worried investors by saying that the company will not issue new shares below its market net asset value (mNAV), which shows how much ETH it owns. The company is currently trading at 0.86 times its market net asset value (mNAV), which raises valid concerns about possible dilution. This is especially true since analysts have warned about significant prior dilution and the stock’s high volatility in recent months.

BitMine (BMNR) Stock Analysis: Buying the “mNAV” Gap

BitMine is having a hard time right now since both its stock and Ethereum are having a hard time. BMNR shares fell 8% on Tuesday, which was the same day that Ethereum fell sharply to slightly over $3,000. The second-largest cryptocurrency by market capitalization has lost about 6% in the last day and is now 39% below its all-time high of $4,946 in August.

BitMine’s first-quarter net loss of $5.2 billion, or $15.98 per share, added to investors’ worries. This shows that the company is having trouble executing and making money, which stock investors will need to keep a close eye on in the future.

Some people who watch the market are still hopeful about Ethereum’s long-term future, even though these problems are getting in the way. Thomas Lee, the chairman of BitMine, has asked for a “100x Ethereum supercycle” in the past and said that the long-term goal for ETH is $250,000 per ETH, which would mean that the cryptocurrency would have to rise by more than 8,115% from where it is now.

ETH/USD

There are still some important questions for BitMine investors: How soon will management use its increased share authorization? How will Beast Industries fit with the rest of the business? And can new leaders in the COO and CFO jobs make it easier to figure out how to spend money and make risk controls better?

Shareholders will be watching intently to see if BitMine’s ambitious strategy pays out in the long run or if it fails because of the dangers that come with the crypto market.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.