Bitmine Increases Holdings to 5.7 Million ETH, Included in Russell 1000 Index, Tom Lee Says Just One Step Away from "5% Target"
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Bitmine Increases Holdings to 5.7 Million ETH, Included in Russell 1000 Index, Tom Lee Says Just One Step Away from "5% Target"
Whether the "buy, buy, buy" logic can withstand sustained price declines is the highlight of this earnings report review.
Navigating Web3 tides with focused insightsAuthor: Naga Avan-Nomayo
Translated by: TechFlow
TechFlow Editor's Note: The world's largest corporate Ethereum treasury Bitmine purchased another 27,084 ETH last week, reaching holdings of 5.7 million, accounting for 4.7% of total ETH supply, 6% short of Tom Lee's goal of "securing 5% of supply." In the same week, ETH fell 8%, BMNR stock price fell 13%, down more than 90% from its high. Bitmine was also included in the Russell 1000 Index, and Lee believes this will bring significant passive institutional capital. Whether the "buy, buy, buy" logic can withstand continuous price declines is the highlight of this earnings review.
Bitmine Immersion Technologies (BMNR) increased its holdings by 27,084 ETH in the past week, reaching a total of 5,700,040 ETH, achieving 94% of the goal of "owning 5% of ETH circulating supply."
As of June 28, Bitmine's holdings of 5.7 million ETH were valued at $1,569 per coin, accounting for 4.7% of total ETH supply. The current total ETH supply is 120.7 million. The company disclosed this data on Monday.
Crypto assets, cash, tradable securities, and "moonshot" positions totaled $9.8 billion. This includes a $180 million stake in Beast Industries, a $74 million stake in Eightco Holdings, and $555 million in cash and tradable securities.
Caption: Bitmine ETH Holdings Growth
Original chart, data source The Block
ETH Falls 8% in a Week, Lee Attributes It to Quarter-End Rebalancing
"It was a tough week for crypto investors, with ETH falling 8%. This happened despite several positives for Ethereum during this period, such as the establishment of Ethlabs, and even the Bank of England softening its stance on stablecoins," said Chairman Tom Lee.
Lee attributed the price weakness to quarter-end "window dressing," where investors sell assets that have declined over the past three months to make their books look better. Bitmine's buying pace slowed this week compared to last week, when it purchased 52,203 ETH in one go.
"Throughout 2026, we will maintain a steady buying pace," Lee said. "We believe we are still in the early stages of Crypto Spring. Bitmine expects to achieve the '5% Alchemy' within 2026."
Inclusion in Russell 1000, Lee Looks to Passive Capital Rebalancing
On June 26, during the annual constituent adjustment of the Russell Index, Bitmine was included in the Russell 1000 Index.
Lee said this inclusion is expected to bring hundreds or thousands of institutional investors into the stock. The reason is that passive funds and ETFs will rebalance according to index changes—according to estimates by the Investment Company Institute (ICI), such funds typically hold 18% to 20% of a company's float.
Of the 5.7 million ETH, 4,879,157 are currently staked, valued at approximately $7.7 billion at June 28 prices. Lee stated that the annualized income from this staking portion is expected to be $211 million.
Lee also mentioned that once all ETH is staked through MAVAN (Bitmine's institutional-grade validator network) and its staking partners, calculated at a 7-day annualized yield of 2.75%, the annualized staking rewards are expected to rise to $246 million.
Bitmine remains the world's largest corporate Ethereum treasury and the second-largest corporate crypto treasury overall. Ahead of it is MicroStrategy, which holds 847,363 BTC, valued at approximately $50 billion (data from The Block).
Caption: Corporate Crypto Treasury Size Ranking
Original chart, data source The Block
At the time of publishing, ETH price was approximately $1,565 (according to The Block price page). BMNR was quoted at approximately $13.56 on Monday, falling about 13% in the past week, down more than 90% from its 52-week high of $161.00.
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