BitMine Immersion Technologies Inc. (BMNR) shares climbed 3.62% to $32.35 in after-hours trading Tuesday, and it's not hard to see why investors are paying attention. The blockchain technology company just added another massive chunk of Ethereum to its balance sheet.

Ethereum Hoard Grows to 3.45% of Circulating Supply

BitMine scooped up 24,266 Ethereum (ETH) tokens last week, pushing its total holdings to 4.17 million ETH. At current prices, that stash is worth about $13 billion and represents 3.45% of all Ethereum in circulation. That's not a typo—the company now controls more than three percent of the second-largest cryptocurrency by market cap.

But here's where things get interesting. Chairman Tom Lee disclosed that BitMine is bumping up against its authorized share limit of 500 million shares. The company needs to issue new shares to fund these Ethereum purchases, and they're running out of room to do so.

"This is an extremely high bar," Lee said, referring to a shareholder vote scheduled for Thursday at Wynn Las Vegas. "When that happens, our ETH accumulation will slow."

The vote requires approval from 50.1% of BitMine's outstanding shares to authorize an increase in the share cap. That's a majority of all shares, not just those voting—which makes it genuinely difficult to achieve.

A $14 Billion Balance Sheet

Beyond the Ethereum treasure trove, BitMine's total assets have hit $14 billion. The portfolio includes 4.17 million ETH, 193 Bitcoin (BTC), $988 million in cash, and a $23 million stake in Eightco Holdings (ORBS). It's essentially a crypto holding company with some serious firepower.

Technical Picture and Trading Metrics

The Nevada-based company currently has a relative strength index (RSI) of 48.48, suggesting neither overbought nor oversold conditions. With a market capitalization of $13.29 billion, shares have traded between a 52-week high of $161 and a 52-week low of $3.20.

That 12-month performance? An eye-popping 417.74% gain. The momentum has been undeniable, reflecting significant investor enthusiasm for companies accumulating crypto assets. However, the stock closed Tuesday at $31.22, up just 0.29%, and sits at only 17.76% of its 52-week range—meaning it's trading much closer to its lows than its highs.

Despite that positioning, momentum indicators remain strong. The stock ranks in the 98th percentile for momentum, suggesting the upward trend still has believers. Traders should watch for potential consolidation after such a dramatic run, especially with the shareholder vote looming Thursday.

The market will be watching that vote closely. If BitMine can't increase its share authorization, the buying spree that's defined its strategy will have to pause. And for a company that's essentially built its identity around accumulating Ethereum, that would mark a significant strategic shift.