Bitmine expands Ether holdings as Russell 1000 inclusion boosts investor reach
Bitmine Immersion Technologies is increasing its Ether exposure while moving into a major U.S. equity index that broadens its visibility to institutional investors. The company says its latest purchase lifts its treasury to more than 5.7 million ETH, bringing it closer to a stated goal of holding 5% of Ether’s supply.
Highlights
- Bitmine purchased over 27,000 Ether for about $43 million last week, increasing its holdings to 5.7 million ETH or 4.7% of supply.
- Despite ETH falling 8% in the past week, Bitmine maintains the largest public corporate Ether position and cites positive ecosystem developments such as Ethlabs' formation.
- Bitmine’s inclusion in the Russell 1000 index is expected to attract hundreds or thousands of new institutional investors due to portfolio adjustments by mutual funds, ETFs, and pension funds.
Ether buying and index entry
As reported by Cointelegraph, Bitmine said on Monday that it bought more than 27,000 Ether last week for about $43 million, taking its total holdings to just over 5.7 million ETH. The company said it acquired the tokens at an average price of $1,569 each and now holds 4.7% of Ether’s 120.7 million token supply.Chairman Tom Lee said the past week is challenging for crypto investors as ETH falls 8% even while Ethereum sees what he described as positive developments, including the creation of Ethlabs and a softer stance on stablecoins from the Bank of England. The latest purchase extends Bitmine’s position as the largest public corporate holder of Ether.
Bitmine also joins the Russell 1000, the index tracking the largest 1,000 U.S. companies by market value. Lee said the addition is expected to bring hundreds, and possibly thousands, of extra institutional investors into Bitmine’s shareholder base because mutual funds, ETFs and pension funds that track the index typically need to buy newly added constituents.
Our earlier article on Paycom (PAYC) highlighted how being removed from the Russell 1000 Growth Index can trigger forced selling by passive funds and benchmark trackers. We also noted that the resulting institutional rebalancing and volume spike amplified bearish momentum, keeping the stock under pressure in the near term.
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