BitMine Raises Ether Holdings to 5.7 Million Tokens, Joins Russell 1000

BitMine Immersion Technologies, an Ethereum treasury strategy company, has increased its Ether holdings to more than 5.7 million tokens and joined the Russell 1000 Index.

Cointelegraph reported on June 30 that BitMine bought an additional $43 million of Ether last week, bringing its total holdings above 5.7 million tokens. The average purchase price was $1,569. The company said that represents 4.7% of Ether’s total circulating supply of 120.7 million tokens. BitMine has previously set a goal of holding 5% of total supply.

“Last week was not an easy one for crypto investors,” Tom Lee, chairman of BitMine’s board, said. “Ether fell 8%, but there were also positive developments, including the launch of EtherLabs and a softer stance from the Bank of England on stablecoins.”

The latest purchase further cements BitMine’s position as the largest corporate holder of Ether among publicly traded companies. Its inclusion in the Russell 1000 could also bolster institutional demand, as many mutual funds, ETFs and pension funds track the index and must buy newly added constituents. Lee said the addition could bring hundreds to thousands of new institutional investors into BitMine’s shareholder base.

BitMine shares, which trade under the ticker BMNR, rose 1.7% to close at $13.80 on June 30. The stock remains down 9% over the past week alongside Ether’s decline.

Meanwhile, rivals SharpLink and Forward Industries, along with crypto exchange Gemini and digital-asset services firm Galaxy Digital, were also added to the Russell 3000 Index on June 30. The benchmark tracks the 3,000 largest U.S. companies.