Bitmine Immersion Technologies (BMNR), the largest corporate holder of Ether Ethereum$3,027.68secured investor approval to increase the number of outstanding shares, giving the company greater flexibility in raising capital.
The company announced in a press release on Tuesday that this measure, Proposition 2, was passed with 81% of votes in favor at BitMine’s annual general meeting on January 15.
The proposal does not involve issuing new shares immediately, but rather increases the limit on the number of shares that can be issued in the future.
BMNR fell 8% on Tuesday as prices plummeted. Ethereum To just over $3,000.
Authorized shares set legal limits on the number of shares a company can sell. Increasing this limit opens the door for Bitmine to issue new shares to fund growth, pay for acquisitions, or support continued Ether accumulation.
Although issuing more shares could ultimately dilute current investors, BitMine executives sought to reassure shareholders that the company will not be sold for less than its market net asset value (mNAV). Ethereum Number of possessions: 35,268 Ethereum Added last week. At the time of writing, the company’s stock is trading at 0.86x mNAV.
The company also added that these holdings, along with 193 BTC and a $22 million stake in Eightco Holdings (ORBS), now constitute 4.203 million tokens, representing approximately 3.5% of Ether’s circulating supply.
