Bitmine eyes Russell 3000 inclusion as index review may support stock demand

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Bitmine Russell 3000 inclusion

Highlights

Bitmine Immersion Technologies appears on FTSE Russell's preliminary Russell 3000 inclusion list with potential entry to the Russell 1000 due to its $10.15 billion market value.
Bitmine's shares are down over 30% year to date, closing at $18.88 Friday, while the company holds 5.28 million Ether, or 4.37% of Ethereum's total supply.
Bitmine incurred about $7.3 billion in paper losses with Ether over 57% below its $4,946 all-time high, but generates annualized staking revenue of $289 million.

Index review and eligibility timeline

As reported by FTSE Russell, Bitmine Immersion Technologies appears on a preliminary list for possible inclusion in the Russell 3000, the index provider's benchmark covering the 3,000 largest U.S. companies. The preliminary list was published Friday, and further updates are scheduled for June 5, June 12 and June 18 before the reconstituted indexes take effect after the U.S. market close on June 26.

Lee said in a post on X on Saturday that Bitmine could also be added to the Russell 1000, which tracks the largest 1,000 U.S. companies, because the index's minimum market capitalization threshold is $5.7 billion. Bitmine's market value stood at $10.15 billion at Friday's close.

He added that many active managers buy only equities in the Russell 1000 and said passive index funds or exchange-traded funds are estimated to hold as much as 25% of the market capitalization of stocks included in the index. If Bitmine joins the large-cap benchmark, the company would sit alongside major U.S. stocks such as Nvidia, Microsoft and Apple, potentially driving automatic purchases by passive investors and giving traditional investors indirect exposure to its Ether holdings.

Ether strategy and market impact

Bitmine shares are down more than 30% year to date and closed at $18.88 on Friday. The company announced plans to build an Ether treasury in July 2025, and its stock later surged above $135 by July 3, while it disclosed holdings of 163,142 Ether worth about $500 million on July 14 of that year.

As of last week, Bitmine held 5.28 million Ether, equal to about 4.37% of Ethereum's total supply, and the company says its long-term goal is to reach 5% of the token's circulating supply of 120.7 million. To exceed 6 million Ether, Bitmine still needs about 756,538 more tokens.

Ether remains more than 57% below its all-time high of $4,946, according to CoinGecko, leaving Bitmine with an estimated $7.3 billion in paper losses. Lee has argued that the pullback presents a buying opportunity, and he said last Monday that the company has staked most of its holdings, generating annualized staking revenue of $289 million.

In our earlier article on Apple’s share rally and outlook, we highlighted how strong quarterly results, an expanded $100 billion buyback program, and renewed AI expectations supported bullish momentum in AAPL. We also noted that several momentum indicators were in overbought territory, implying elevated volatility and a higher risk of short-term pullbacks even as the broader uptrend remained intact.

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