Bitmine Immersion gets shareholder nod to raise authorized shares for financing, ETH expansion

Bitmine Immersion Technologies secured shareholder approval on Jan. 15 to increase its authorized share count, with Proposal No. 2 passing with 81% support, the company said Tuesday. The change lifts the cap on shares the company can legally issue to enhance flexibility for future financing, M&A, or continued ETH accumulation; it does not imply an immediate equity offering. The firm currently holds 4.203 million ETH, 193 BTC, a $22 million stake in Eightco Holdings, and nearly $1 billion in cash, BlockBeats reported on Jan. 20. Management told shareholders it will not issue stock below market net asset value (mNAV), and said the share price trades at approximately 0.86 times mNAV.