Bitmine Immersion Technologies (BMNR), the largest crypto asset company specializing in Ethereum, continued to purchase Ethereum. Ethereum$3,125.91 It continued until last week, but warned that this pace may not continue.
The company added 24,266 Ethereum Ethereum$3,125.91 Last week, its holdings increased to 4,167,768 tokens as of Sunday. With this acquisition, Bitmine’s share of the circulating supply of Ether will rise to 3.45%, with the goal of ultimately acquiring 5% of all tokens.
Chairman Thomas Lee said in a statement on Monday that Bitmine’s ability to continue accumulating ETH depends on shareholder approval to issue new shares.
Without that, the company could be forced to slow its purchases in the coming weeks, he added.
“We need to pursue this increase now because Bitmine will soon exhaust its current 500 million authorizations,” Lee said. “And when that happens, our ETH accumulation will slow down.”
Shareholder voting will take place on Thursday. The proposal for a capital increase will require support from 50.1% of the total number of outstanding shares.
“This is a very high bar and therefore makes it very difficult to get authorized share increases,” said Lee, who will be speaking at CoinDesk’s Consensus Hong Kong next month.
While other digital asset government bonds have canceled purchases over the past few months amid price volatility, Bitmine continues to accumulate ETH by selling shares to fund purchases.
Last week, Bitmine’s total assets, including cryptocurrencies, cash, and strategic investments, increased to $14 billion, with ETH price hovering around $3,100. The company also increased its cash reserves by $73 million to $988 million. The company owns 193 Bitcoin and $23 million in shares in Eightco Holdings.
The company said it has staked more than 1.2 million of its ETH holdings, which will allow it to earn income from its holdings.
