BitMine has acquired 24,266 Ethereum (ETH) in the week leading up to a critical shareholder vote scheduled for January 14. The acquisition brings the company’s total holdings to over 4.17 million ETH, which equals about 3.45% of the total Ethereum supply. BitMine, led by Tom Lee, is now the largest ETH treasury holder in the world.
The vote will determine whether BitMine shareholders approve the issuance of additional shares, enabling continued ETH purchases. The final deadline for votes is Sunday at 11:59 p.m. EST, with the company’s annual meeting set for January 15 in Las Vegas.
Tom Lee urged shareholders to approve the proposal, which would raise the ceiling on authorized shares. He explained that BitMine issues shares only at a premium to adjusted net asset value, which he says protects investors and increases ETH exposure. As Coinpaper reported, BitMine raised its cash reserves by $73 million last week, supporting its treasury and staking strategy.
BitMine Boosts Staking and ETH Buying
The latest ETH acquisition follows a 32,977 ETH purchase the previous week. The firm is expanding its staking operations, with over 1.25 million ETH now staked through various providers. According to investor Ted Pillows on X, BitMine has staked $3.3 billion in Ethereum over the last three weeks, generating an estimated $92.7 million annually at a 2.81% yield.
Lee continues to share a bullish outlook on Ethereum, projecting near-term prices between $7,000 and $9,000 by the end of January. As Coinpaper outlined, he suggested that ETH could rise as high as $22,000 if Bitcoin reaches $250,000. He also cited Ethereum’s increasing role in finance and its long-term correlation to Bitcoin performance.
Meanwhile, VanEck’s Ethereum price prediction has resurfaced across social media. The investment firm previously outlined a bearish scenario where ETH could drop to $300, though its 2030 base and bull cases put ETH at $22,000 and $154,000, respectively.
Concurrently, daily Ethereum activity has continued to strengthen. According to Merlijn, the trader, Ethereum is entering a late-stage Wyckoff accumulation pattern, with structure building before a breakout. He suggested a potential rally to $12,000 if the current setup holds.
This bullish sentiment has been buoyed by Ethereum averaging 1.87 million daily transactions, surpassing its 2021 DeFi peak. These active addresses are above 728,000, and new address creation reached its highest level since 2018, which is a precursor of a bull rally.
