On-chain data reveals that BitMine has staked an additional 160,480 ETH, worth approximately $248.7 million, bringing its total staked Ethereum to 4.88 million tokens—86% of the company’s massive ETH treasury. The move came just days before BitMine’s BMNR ticker officially joins the Russell 1000 index, following FTSE Russell’s 2026 reconstitution effective after U.S. market close on June 26.
According to a June 22 update, BitMine holds 5,672,956 ETH, 205 BTC, and $601 million in cash and marketable securities, with no debt. Chairman Tom Lee confirmed the firm acquired 52,203 ETH over the preceding week, signaling that accumulation remains a core strategy during what he describes as the early stages of “crypto spring.” With its holdings now representing roughly 4.7% of the total Ethereum supply, the company is closing in on its stated target of a 5% ownership milestone in 2026.
Russell 1000 inclusion marks a significant milestone for the largest public Ethereum treasury company, often compared to Strategy’s Bitcoin playbook. The index is tracked by trillions of dollars across passive and active funds, meaning BMNR could see increased demand from ETFs, institutional mandates, and other vehicles benchmarked to the Russell 3000. This may broaden traditional investor access to ETH exposure without direct token ownership, offering a blend of operating-company dynamics and staking-driven yield.
BitMine reported annualized staking revenue of roughly $223 million, underscoring how central proof-of-stake rewards have become to its business model. However, the strategy carries notable risks. Staking returns fluctuate with network conditions, operational reliability is critical to avoid slashing, and regulatory scrutiny of publicly-traded companies earning staking yield remains a debated issue. Additionally, because the company’s value is closely tied to ETH prices, any downturn could disproportionately impact its equity—a risk that index inclusion does not mitigate.
With BMNR trading at $13.32 and ETH near $1,550, the market’s next test is whether Russell 1000 participation can sustain investor demand while the underlying crypto asset navigates volatility. For the broader crypto space, BitMine’s entry into a major equities benchmark signals a deepening integration of digital-asset treasury firms into traditional finance infrastructure.
