BitMine Eyes Russell 1000 Entry as Tom Lee Points to Ethereum Treasury Demand

TLDR

• BitMine was included in FTSE Russell’s preliminary list for possible Russell 3000 inclusion.
• Tom Lee said BitMine may qualify for the Russell 1000 due to its market cap above $5.7B.
• Russell 1000 inclusion could bring demand from passive index funds and ETFs.
• BitMine holds about 5.28M ETH, equal to roughly 4.37% of Ethereum’s total supply.
• BitMine aims to hold over 6M ETH, or about 5% of Ethereum’s circulating supply

BitMine Immersion Technologies is being reviewed for possible inclusion in the Russell 3000 index, according to a preliminary list published by FTSE Russell. The update has drawn attention because chairman Tom Lee said the company may also qualify for the Russell 1000 due to its market capitalization.

FTSE Russell, a unit of the London Stock Exchange Group, published the preliminary index inclusion list on Friday. The Russell 3000 tracks the 3,000 largest U.S. companies, while the Russell 1000 tracks the largest 1,000 names in the market.

Lee said BitMine’s market capitalization was above the minimum large-cap threshold of about $5.7 billion. The company’s market value stood near $10.15 billion at Friday’s close, placing it above that requirement.

Russell 1000 Inclusion Could Bring Passive Demand

Russell index inclusion can affect trading because many passive funds and exchange-traded funds track the benchmarks. Lee said passive index funds and ETFs may hold up to 20% to 25% of a company’s market capitalization after inclusion.

He also said many active managers focus only on Russell 1000 companies, meaning BitMine could become eligible for a wider group of traditional equity investors if it enters the large-cap benchmark.

The final Russell reconstitution is scheduled to take effect after the U.S. market closes on June 26. FTSE Russell is expected to publish further updates on June 5, June 12 and June 18 before the final changes are applied.

BitMine would join other large U.S. equities if added to the Russell 1000. The index includes major public companies across technology, finance, healthcare, industry and consumer sectors.

BitMine Holds Large Ethereum Treasury

BitMine has become known for its Ether treasury strategy. The company began building an Ethereum reserve in 2025 and has since become one of the largest corporate holders of ETH.

As of last week, BitMine held about 5.28 million Ether, equal to roughly 4.37% of Ethereum’s total supply. The company has said its long-term goal is to hold 5% of Ethereum’s circulating supply, which stands near 120.7 million ETH.

To reach that target, BitMine would need to add about 756,538 ETH to exceed 6 million Ether in holdings. Lee has previously said the company views Ethereum as a core treasury asset and has staked most of its ETH position.

The company’s staking activity is expected to generate annualized revenue of about $289 million, according to Lee’s earlier comments. Staking revenue may help offset some balance sheet pressure caused by ETH price weakness.

Stock Remains Down Despite Index Catalyst

BitMine shares closed Friday at $18.88 and remain down more than 30% year to date. The stock had surged above $135 in July 2025 after the company announced its Ether treasury plan but later fell sharply as ETH prices declined.

Ether has dropped more than 57% from its all-time high of $4,946. Due to that decline, BitMine has been linked to about $7.3 billion in paper losses because of the lower ETH price.

Lee has argued that Ethereum’s decline may create another buying opportunity for the company. He has also said index inclusion could improve liquidity and draw new investors who may not be directly focused on the company’s digital asset strategy.

BitMine is not the only crypto-linked company affected by the Russell reconstitution. Galaxy Digital is also expected to join the Russell 1000, while Ethereum treasury company SharpLink and crypto exchange Gemini are expected to enter the Russell 2000.

Strategy, the largest corporate Bitcoin holder, joined the Russell 1000 about two years ago. Its inclusion became a reference point for how digital asset treasury firms can enter major equity benchmarks.

BitMine’s final index status will be confirmed when FTSE Russell completes its June reconstitution. Until then, investors are watching whether potential benchmark inclusion can increase trading demand for the stock while the company continues pursuing its Ethereum accumulation strategy.