BitMine Immersion Technologies (BMNR), the largest corporate holder of the second largest cryptocurrency, ether made its biggest ETH purchase of the year last week after a key shareholder vote that gave the company fresh room to raise capital.
The firm said Monday that it added 40,302 ETH — worth nearly $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 stand at $12.8 billion, including 193 bitcoin $682 million in cash and stock in Eightco Holdings and its $200 million investment in Beast Industries, the venture founded by YouTube creator MrBeast.
The purchases followed shareholder approval of an expansion of BitMine’s authorized share count, allowing the company to raise additional funds through share issuance. The financial flexibility allowed BitMine to resume more aggressive accumulation after signaling earlier this month that purchases could slow without new authorization.
BitMine said it has also staked over 2 million ETH – nearly half of its total holdings – making a significant portion of its treasury a return-generating asset. The firm’s fast pace has contributed to congestion on the Ethereum staking network, with the wait to become a new validator now reaching 54 days.
The company expects to generate over $400 million in annual pretax income from its ether holdings, Chairman Tom Lee said at a shareholder meeting earlier this month.
Read more: Tom Lee’s BitMine pushes Ethereum to $8 billion stake reserve
