BitMine Skips Weekly ETH Buy Following Shareholders’ Controversy

BitMine, a blockchain-focused public company, skipped its weekly ether (ETH) acquisitions following a controversial shareholders meeting. The outcome of a voting process during the meeting would determine whether the firm would halt its ETH treasury business or explore raising capital from other sources.

Why BitMine Paused Its ETH Accumulation

Since June 2025, BitMine has steadily acquired the second-largest cryptocurrency. As of its last purchase, announced on January 12th, it had a stash of 4,167,768 ETH (worth approximately $13 billion).

Notably, the firm raised capital for its crypto treasury strategy through the sale of shares. This easy access to cash allowed BitMine to commit to a non-stop weekly ETH acquisition practice, even in times when other crypto treasury companies lessened their acquisition intensity.

As of its last acquisition, the company had nearly exhausted its maximum capacity of 500 million authorized shares. Getting an increase in its capacity required that BitMine get the approval of at least 50.1% of shareholders. These would need to vote in support of a proposal that allows for the continued sale of shares to secure cash. Without that approval, BitMine risks running out of capital flexibility, forcing it to slow or pause ETH buying altogether.

The shareholder meeting was scheduled for January 15th. Those attending the meeting were to feature shareholders and the company’s management team, including the newly appointed board members.

Instead of having a seamless shareholder meeting, the event turned out to be a “clown show,” as some described it. Shareholders frowned at the absence of top executives, such as the recently appointed CEO, Chi Tsang, and CFO, Young Kim.

Christopher O’Malley, the founder and board member of O’Malley Foundation, articulated the concerns of BitMine shareholders. He tweeted:

“Promoted high-profile, guest speakers failed to appear, with no explanation. The outcome of a contentious shareholder vote was not communicated. Tom Lee rushed through the topics that matter most to inquisitive shareholders in order to waste time on matters that don’t. These were not minor mistakes—they show a lack of preparation, transparency, and respect for shareholders who have entrusted you all with the stewardship of their money.”

The comments also questioned Tom Lee’s leadership role over two top companies, Fundstrat and BitMine, as to whether he can manage them efficiently.

Outcome of the Shareholders’ Meeting

Although the results have yet to be published at the time of writing, it appears that some shareholders voted YES on the proposal. If this reached the 50.1% target, then the firm would have gotten the capital to resume its ETH treasury business.

Granted, most of those who voted in support of the extension of the authorized shares for sale likely did so because of the 10x profits that Lee and the management team promised. Still, it appears that their choices may have been influenced by the investment deal that BitMine sealed with Beast Industries.

Recall that BitMine committed $200 million to Beast Industries, the company founded by YouTube star Mr. Beast. The announcement came before the shareholders’ meeting began. The merger deal was aimed at bringing Beast Industries into the decentralized finance (DeFi) sector.

Meanwhile, in terms of market response, BitMine’s native stock, BMNR, has seen no major price change over the past week. As of January 14th, a day before the shareholders’ meeting, the common stock sold for $33.95. However, it is currently trading around $31.16, representing a 0.94% increase in the past 24 hours.

The post BitMine Skips Weekly ETH Buy Following Shareholders’ Controversy appeared first on CoinTab News.