BitMine Immersion Technologies (NYSE: BMNR) added another 60,000 ether on May 24, lifting its treasury past 5.33 million ETH, on-chain analytics firms tracking the company’s wallets reported. The roughly $126 million purchase, sourced from withdrawals on Bitgo and Kraken, lands days after FTSE Russell named BitMine on its preliminary list of additions to the Russell 1000, a benchmark tied to roughly $12.2 trillion in indexed assets. Chairman Tom Lee, who has framed ether’s slide below $2,200 as an “attractive opportunity,” is using the dip to lock in supply ahead of a potential June index event that could pull passive flows into the stock.
An Ethereum treasury company is a publicly traded firm that holds large amounts of ether on its balance sheet, often staking the tokens to generate yield, similar to how MicroStrategy holds bitcoin.
- BitMine added 60,000 ETH worth about $126 million on May 24, taking its holdings above 5.33 million tokens, or 4.37% of circulating ether supply.
- FTSE Russell’s preliminary 2026 list places BMNR in line for Russell 1000 inclusion when the index is rebalanced on June 26, 2026.
- BitMine has staked roughly 4.71 million ETH worth $10.3 billion, generating an annualized $289 million in staking revenue.
- Tom Lee called the sub-$2,200 ether price an “attractive opportunity,” signaling continued accumulation despite a six-day spot ETF outflow streak.
Published: May 25, 2026 16:00 UTC
What happened
Wallets attributed to BitMine pulled 60,000 ETH from Bitgo and Kraken across May 24, according to CoinGape and Blockonomi, citing on-chain trackers. The buy follows a $154 million ether purchase earlier in the week and pushes BitMine’s total holdings to more than 5.33 million ETH, equal to about 4.37% of the 120.7 million ether in circulation.
BitMine’s stated goal is to control 5% of total ether supply, a target Lee has repeated since the firm pivoted from a small bitcoin miner to an Ethereum treasury vehicle. The company now sits as the largest publicly traded holder of ether globally, with the bulk of its balance sheet, 4.71 million tokens worth roughly $10.3 billion at recent prices, deployed through its in-house staking platform MAVAN. Annualized staking revenue is running at $289 million, with the company projecting $324 million once all holdings are staked.
Why the Russell 1000 angle matters
FTSE Russell published its preliminary additions and deletions on May 22, and Lee confirmed via social media that BitMine appears on the list. BMNR’s market capitalization of about $10.15 billion clears the roughly $5.7 billion threshold required for the large-cap Russell 1000, rather than the smaller Russell 2000.
The final reconstitution takes effect after the market close on June 26, 2026. Index inclusion forces every fund tracking the Russell 1000 to buy the stock at the rebalance, and Lee has argued that 20% to 35% of a typical Russell 1000 component’s market cap is held by passive vehicles. For a stock that is effectively a leveraged bet on ether, that could mean a mechanical wave of buying just as BitMine itself accumulates more spot ETH.
Market context
The purchase came against a weak crypto tape. Ether traded near $2,114 on Monday after dipping under $2,100 over the weekend, with bitcoin briefly puncturing $74,344 before reclaiming $77,000. Spot bitcoin ETFs have logged a six-day outflow streak totaling more than $1.25 billion, and the Fear and Greed Index slid to 29, deep in fear territory.
BitMine’s accumulation cuts against that flow. Other digital asset treasuries have slowed buying through May, but Lee told investors earlier this month that the firm views drawdowns as the optimal time to add. The strategy is a near-direct copy of Michael Saylor’s MicroStrategy playbook on bitcoin, with the added twist that ether holdings can earn yield through staking.
What to watch next
Three dates frame the next phase. FTSE Russell will finalize the Russell 1000 list in mid-June. The reconstitution itself hits on June 26, when passive funds rebalance. BitMine’s next holdings update, typically issued weekly via press release, will confirm whether Lee continues to buy through additional ether weakness. A failure to make the final Russell 1000 list, or a sharper ether breakdown that pressures BMNR’s market cap below the threshold, would unwind the most concrete near-term catalyst for the stock.
Frequently asked questions
How much ether does BitMine now hold?
BitMine holds more than 5.33 million ETH after its May 24 purchase, equal to about 4.37% of circulating ether supply. The company has publicly targeted control of 5% of the total supply and is the largest publicly traded ether treasury company in the world.
What does Russell 1000 inclusion mean for BMNR?
If FTSE Russell finalizes BMNR’s inclusion in late June, every fund tracking the Russell 1000 will be required to buy the stock at the rebalance on June 26, 2026. The index is referenced by roughly $12.2 trillion in assets, which Lee argues could produce meaningful passive demand for a stock whose value tracks ether.
How much does BitMine earn from staking?
BitMine has staked roughly 4.71 million ETH worth about $10.3 billion through its MAVAN validator network. Annualized staking revenue stands at $289 million, with the company projecting $324 million once its full position is staked at a 2.80% seven-day yield.
