Bitmine Immersion Technologies has moved closer to a potential Russell 1000 inclusion after appearing on FTSE Russell’s preliminary consideration list.
Tom Lee the chairman, said the company looked positioned for the Russell 1000 due to its $10.15 billion market value.
The expanding Ethereum treasury strategy, which currently includes 5.28 million ETH valued near $500 million.
Russell 1000 inclusion could drive institutional demand
Lee stated on X that many active fund managers only purchase stocks listed in the Russell 1000.
That requirement increased attention around Bitmine’s potential inclusion. Market participants also highlighted the impact of passive investment funds.
Index-tracking funds and ETFs tied to the Russell 1000 usually hold between 20% and 25% of each member company’s market value.
If FTSE Russell confirms Bitmine’s inclusion, those funds would need to purchase BMNR shares automatically.
The expected buying activity would not depend on earnings results or company announcements.
Instead, it would result from structural index rebalancing. Analysts often view that process as a major catalyst for stocks entering widely tracked indexes.
If approved, Bitmine would join major corporations such as Nvidia, Microsoft, and Apple inside the Russell 1000.
BMNR shares settled at $18.88 on Friday. The stock remains down more than 30% this year.
However, Bitmine’s valuation stayed well above the Russell 1000 minimum requirement of $5.7 billion.
Ethereum strategy remains central to Bitmine’s growth
Bitmine currently controls around 4.37% of Ethereum’s total circulating supply of 120.7 million coins.
The company said it plans to increase holdings beyond 6 million ETH. That target would require another 756,538 ETH purchases.
Lee also disclosed that Bitmine staked most of its Ethereum holdings. He said the strategy generates annualized staking income of around $289 million.
The company also completed an initial $200 million investment into Beast Industries as part of its digital asset strategy.
Ether continues trading more than 57% below its record high of $4,946. That decline left Bitmine holding an estimated $7.3 billion in unrealized losses tied to Ethereum’s price movement.
FTSE Russell will release additional index updates on June 5, June 12, and June 18. The final Russell index reconstitution becomes effective after US markets close on June 26.
Bitmine first announced its Ethereum treasury strategy in July 2025. BMNR shares surged above $135 shortly after the announcement before later retreating sharply.
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