Bitmine has received shareholder approval for a capital increase, preparing for subsequent stock issuance and ETH expansion
According to CoinDesk, Bitmine Immersion Technologies has received shareholder approval to increase the cap on the number of shares the company can issue, enhancing flexibility for future financing.The company currently holds 4.203 million ETH, 193 BTC, a stake in Eightco Holdings valued at $22 million, and nearly $1 billion in cash. According to a press release issued by the company on Tuesday, Proposal No. 2 was approved with 81% of the votes at the annual shareholder meeting held on January 15, authorizing the company to expand the number of shares that can be issued.This proposal does not mean that the company will immediately issue new shares, but rather raises the cap on future issuable shares, providing room for subsequent financing, mergers and acquisitions, or supporting continued accumulation of Ethereum.The authorized capital size determines the maximum number of shares a company can legally issue. Raising this cap means that Bitmine can provide funding support for business expansion or asset allocation by issuing new shares in the future. Addressing potential equity dilution risks, Bitmine's management has assured shareholders that the company will not issue shares below the market net asset value (mNAV). Currently, the company's stock price is approximately 0.86 times the mNAV.