Bitmine Immersion Technologies chairman Tom Lee believes the company’s stock could benefit significantly after being considered for inclusion in the Russell 3000 index, one of the largest stock market indexes in the United States.
FTSE Russell, part of the London Stock Exchange Group, recently published a preliminary list of companies eligible for inclusion in the Russell 3000, which tracks the 3,000 largest publicly traded US firms.
According to Lee, Bitmine may also qualify for the Russell 1000 index, which includes the top 1,000 largest US companies by market capitalization. The minimum requirement for inclusion is around $5.7 billion, while Bitmine’s market value stood at approximately $10.15 billion at Friday’s market close.
Lee explained that many institutional fund managers focus primarily on companies listed in the Russell 1000. He also noted that passive investment funds and ETFs often automatically purchase stocks added to the index, with some estimates suggesting these funds can hold up to 25% of a company’s market capitalization.
If Bitmine joins the Russell 1000, it would be grouped alongside major US corporations such as Nvidia, Microsoft, and Apple. This could increase institutional visibility and potentially create additional buying pressure from index-tracking funds.
FTSE Russell is expected to release updated inclusion lists throughout June, while the final reconstituted indexes will officially take effect after market close on June 26.
Bitmine Stock Remains Volatile
Despite the potential index catalyst, Bitmine shares have struggled this year. The company’s stock is down more than 30% year-to-date and closed Friday trading at $18.88.
Bitmine originally announced plans to build a large Ethereum treasury in July 2025. Following that announcement, its stock surged dramatically, briefly climbing above $135 per share.
The company later disclosed holdings of 163,142 Ether worth roughly $500 million in mid-2025.
Since then, Bitmine has aggressively expanded its Ethereum reserves.
As of last week, the company reportedly held around 5.28 million ETH, representing approximately 4.37% of Ethereum’s total circulating supply.
Bitmine’s long-term goal is to control 5% of Ethereum’s circulating supply, which currently stands near 120.7 million ETH. To achieve that target, the company would need to acquire roughly 756,000 additional ETH.
Ethereum Price Decline Creates Massive Paper Losses
Although Bitmine accumulated one of the largest corporate Ethereum positions in the market, the company has also been heavily impacted by Ethereum’s price decline.
ETH currently trades more than 57% below its all-time high near $4,946, according to CoinGecko data.
As a result, Bitmine is estimated to be sitting on roughly $7.3 billion in unrealized paper losses tied to its Ether holdings.
However, Tom Lee remains optimistic about Ethereum’s long-term outlook.
Earlier this month, Lee argued that Ethereum’s sharp correction could represent another major buying opportunity for long-term investors.
He also revealed that most of Bitmine’s ETH holdings are currently staked, generating estimated annualized staking revenue of approximately $289 million.
