Bitmine’s Tom Lee hints at stock tailwinds after firm considered for Russell 3000

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Source: Tom Lee Bitmine's inclusion in the Russell 1000 would place it in the same index as major US large-cap equities, including tech giants Nvidia Corporation, Microsoft, and Apple and could trigger automatic buying by passive funds, providing traditional investors with indirect exposure to its Ether holdings. FTSE Russell will provide further list updates on, June 5, June 12 and June 18, and the newly reconstituted indexes take effect after the US market close on June 26. Shares in Bitmine Immersion Technologies (BMNR) are down over 30% year-to-date and closed trading on Friday at $18.88. The company announced plans to build an Ether treasury in July 2025. By July 3, its stock had spiked to more than $135. The company disclosed holdings of 163,142 Ether worth about $500 million on July 14 of the same year. Bitmine’s stock is down over 30% year-to-date. Source: Google Finance As of last week, Bitmine held 5.28 million Ether, or about 4.37% of Ethereum’s total supply, with the company’s ultimate goal to hold 5% of the token’s circulating supply of 120.7 million. To hit its target of over 6 million Ether, Bitmine needs around 756,538 more in its stash. Related: Ether pullback was ‘attractive opportunity’ for 71,672 ETH buy: Bitmine’s Lee Ether is down over 57% from its all-time high of $4,946, according to CoinGecko. BitMine also has an estimated $7.3 billion in paper losses due to the price drop. However, Lee previously argued that Ether’s steep drawdown may offer another buying opportunity and said last Monday that the company has staked most of its stash, with annualized staking revenues of $289 million. More on the subject

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