BitMine purchased an additional 60,000 ETH worth around $126 million as Ethereum traded near $2,000, extending one of the largest corporate accumulation strategies tied to the second-largest digital asset.
The purchase came just as the company was named to the preliminary list of the Russell 1000 Index, positioning the crypto holder to capture a share of the $12.2 trillion in assets benchmarked against Russell US indices.
Why BitMine is adding to its Ethereum holdings during the current sell-off
On May 23, blockchain analyst EmberCN reported that BitMine’s latest ETH purchase was executed via BitGo and Kraken.
This purchase brought BitMine’s Ethereum holdings to over 5.2 million ETH, valued at approximately $11.1 billion at current market prices. The company has continued to accumulate even as ETH trades near $2,000, about 60% below its August 2025 high of $4,953.
Notably, this latest purchase comes approximately two weeks after the company signaled its intention to slow the pace of its ETH accumulation.
However, BitMine President Thomas Lee previously described ETH’s recent decline below $2,200 as an attractive entry point.
According to him, the withdrawal provided the opportunity to increase its exposure to ETH ahead of any potential recovery in digital assets. Lee said recent regulatory developments around the CLARITY Act could spur growth in the emerging industry.
As a result, his company has continued to increase its exposure to the cryptocurrency in anticipation of growth.
Meanwhile, BitMine’s strategy mirrors the corporate treasury model popularized by Strategy (formerly MicroStrategy), but shifts the focus from Bitcoin to Ethereum.
This distinction gives BitMine’s balance sheet a different profile, as Ethereum’s proof-of-stake system allows holders to generate staking rewards rather than relying solely on price appreciation.
BitMine operates MAVAN, an Ethereum staking platform that adds a yield component to its treasury approach. The company has staked more than $10 billion of its holdings in Ethereum, tying a portion of its balance sheet yield to the economics of the ETH network.
This structure gives investors a simpler way to evaluate BitMine’s strategy: the company buys ETH on weakness, stakes a large portion of its holdings, and seeks to turn that exposure into a stock market instrument accessible to traditional investors.
Russell’s preliminary list adds another channel
Beyond its treasury expansion, BitMine has been added to the Russell 3000 Index 2026 Preliminary List.
FTSE Russell released initial reconstitution data on May 22, with the final composition of the index expected to come into effect at the end of June.
Lee said BitMine’s market cap could place BMNR in the Russell 1000, the large-cap segment of the broader Russell 3000 index, rather than the Russell 2000.
This distinction is important to the company’s investor base. The Russell 3000 index tracks approximately 3,000 of the largest U.S. companies and represents almost the entire investable U.S. stock market. The Russell 1000 covers the biggest names in this group, while the Russell 2000 covers the smaller companies.
This inclusion in the index could change who owns BitMine shares, as funds benchmarked to Russell indexes often adjust portfolios around the index reconstitution, while some active managers use these benchmarks to define the pool of eligible securities.
Lee also argued that many active managers focus on components of the Russell 1000 and that passive funds and ETFs can hold a significant portion of a company’s market capitalization once it is included in major benchmarks.
Crypto Treasury Stocks Sink Deeper in Public Indices
BitMine’s Russell path comes as more crypto-related companies move into traditional stock benchmarks.
SharpLink Gaming, another public company with an Ethereum treasury strategy, has also been linked to inclusion in the Russell Index.
SharpLink CEO Joseph Chalom said the company is expected to join the Russell 2000 and Russell 3000 indexes on June 29, calling the move an important step because of the capital tied to those benchmarks.
According to him:
“Approximately $12.2 trillion in assets are benchmarked against the Russell US indices, of which approximately 16% use the Russell 2000 as a benchmark. The inclusion places SBET in the passive and active streams that track these benchmarks.”
Russell’s preliminary filings also include other crypto-related companies, including Gemini Space Station (GEMI) and Galaxy Digital (GLXY), as well as Iris Energy and Soluna.
This group reflects a broader shift in which crypto exposure is no longer limited to tokens, private funds, or spot ETFs.
Meanwhile, tThese additions follow the precedent set by Strategy’s MSTR. The company led by Michael Saylor entered the Russell 1000 in June 2024 and was subsequently ranked in the Top 200 Value Index in 2025.
