BitMine Faces Shareholder Backlash After Controversial AGM and Strategic Shift

Only days after BitMine’s (BMNR) annual shareholder meeting in Las Vegas, controversy has surfaced, highlighting growing tension between company leadership and investors. The dispute centers on corporate governance, transparency, and BitMine’s ambitious transformation from a pure Ethereum staking company into a “digital Berkshire Hathaway–style” capital allocator.

Shareholders voiced strong dissatisfaction with how the AGM was conducted. Investors criticized the absence of key executives, including the newly appointed CEO and CFO, as well as the failure of advertised high-profile guest speakers to attend. Many described the meeting as rushed and poorly organized, with unclear voting outcomes, fueling perceptions that management did not adequately respect shareholder concerns.

Additional scrutiny arose around Tom Lee’s leadership role, given his concurrent responsibilities at Fundstrat. Investors questioned whether he could devote sufficient attention to BitMine during such a pivotal transition. In response, board member Rob Sechan acknowledged frustrations but explained that the meeting took place during a period of significant internal change, noting that several executive roles were filled just days before the AGM. He emphasized that the primary goal was to outline the company’s long-term “DAT-plus” strategy rather than operational details.

Despite governance criticism, management underscored a major strategic pivot. BitMine is evolving beyond Ethereum staking into a digital holding company focused on capital allocation to projects that expand Ethereum adoption. The firm reportedly holds more than 4 million ETH, valued at roughly $14 billion, and generates between $400 million and $430 million annually from staking, with projections rising to as much as $580 million as it targets 5% of Ethereum’s total supply.

The most divisive move has been BitMine’s $200 million investment in MrBeast’s Beast Industries, aimed at integrating Ethereum into the creator economy through tokenized platforms. Supporters see this as a powerful way to drive mainstream crypto adoption, while critics argue it distracts from core governance and execution risks.

As BitMine pushes forward with its “digital Berkshire” vision, investors are watching closely to see whether management can strengthen transparency, rebuild trust, and execute its bold strategy without further alienating shareholders.