Bitmine added to Russell 3000 Index, Tom Lee bullish on further promotion to large-cap composite: passive funds will soon automatically buy in

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Bitmine Chairman Tom Lee stated that ETH treasury company Bitmine has been included in the preliminary list of the Russell 3000 Index, with potential to directly advance to the Russell 1000 large-cap index, where passive funds will automatically purchase its stock. (Background: Bitmine sweeps up another nearly 42,000 ETH! Total holdings expanded to 4.285 million ETH) (Context: Tom Lee voices confidence: Ethereum to hit $12,000 by year-end) Bitmine has been included in the preliminary list of the Russell 3000 Index. Chairman Tom Lee stated on X this Saturday that based on Bitmine's current $10.15 billion market capitalization, it fully meets the Russell 1000 large-cap index threshold of at least $5.7 billion. The Russell 1000 covers the 1,000 largest U.S. companies by market cap, and inclusion would place it alongside NVIDIA, Microsoft, and Apple. Lee pointed out that "many active fund managers only buy Russell 1000 constituents," and estimated that after inclusion, up to 25% of market cap could be held by passive index funds and ETFs. If Bitmine is successfully included, passive capital will automatically buy in, and traditional investors will indirectly hold Bitmine's Ethereum positions. FTSE Russell (a subsidiary of the London Stock Exchange Group) released the preliminary Russell 3000 list this Friday. The next key milestones: - June 5, June 12, June 18: List updates published - After U.S. market close on June 26: New index officially takes effect This means that if Bitmine maintains its qualification in subsequent updates, it will officially become a Russell large-cap index constituent by the end of June. Bitmine's stock price has fallen over 30% year-to-date, closing this Friday at $18.88. Reviewing the trajectory: - July 2025: Announced establishment of Ethereum treasury strategy - July 3: Stock price soared to over $135 - July 14: Disclosed holdings of 163,142 ETH (approximately $500 million) As of last week, Bitmine has accumulated 5.28 million ETH, approximately 4.37% of Ethereum's total supply. The company's goal is to hold 5% of circulating supply (approximately 120.7 million coins), still requiring acquisition of approximately 756,538 more. Ethereum's price has fallen over 57% from its all-time high of $4,946. Bitmine has incurred approximately $7.3 billion in paper losses due to the stock price decline. However, Lee stated last Monday that the company has placed most of its holdings into staking, generating annualized returns of $289 million. The significance of Russell 1000 inclusion lies not in the prestige, but in the automatic allocation of passive capital. The TSMC weighting effect in the 0050 ETF that Taiwanese investors are familiar with also applies here—once passive ETFs track the index, capital will automatically flow in proportional to market cap. Based on Bitmine's current $10.15 billion market cap, if 25% of market cap is held by passive funds, approximately $250 million in new capital will be compulsorily allocated to BMNR. This is an additional bonus for the ETH treasury strategy: passive capital buys the stock, the company uses capital to buy ETH, forming a positive feedback loop. The issue is that Bitmine must maintain its market cap above $5.7 billion; if ETH prices continue to decline and drag down the stock price, qualification could also be lost in subsequent updates.

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