BitMine’s $126M Ethereum buy sets up a Russell index test tied to $12.2T in assets

Make CryptoSlate preferred on

BitMine recently acquired an additional 60,000 ETH totaling around $126 million while Ethereum was trading close to $2,000, continuing its significant corporate accumulation strategy associated with the second-largest cryptocurrency.

The purchase coincided with BitMine being named in the initial list for the Russell 1000 Index, positioning the company to benefit from the $12.2 trillion in assets benchmarked against Russell US Indexes.

Reasons behind BitMine’s Ethereum acquisition during the current market decline

According to a report by blockchain analyst EmberCN on May 23, BitMine’s latest ETH purchase was facilitated through BitGo and Kraken.

This latest acquisition raised BitMine’s Ethereum holdings to over 5.2 million ETH, valued at approximately $11.1 billion at current market rates. Despite ETH trading around $2,000, which is nearly 60% lower than its peak in August 2025, the company has been consistently accumulating.

Interestingly, this recent purchase comes shortly after BitMine indicated a potential slowdown in its ETH accumulation.

However, BitMine Chairman Thomas Lee viewed ETH’s dip below $2,200 as an attractive entry point, suggesting that the pullback presented an opportunity to increase its ETH exposure before a potential rebound in digital assets. Lee emphasized that regulatory developments like the CLARITY Act could drive growth in the industry, prompting the firm to expand its cryptocurrency exposure.

BitMine’s approach resembles the corporate treasury model popularized by Strategy (formerly MicroStrategy) but with a focus on Ethereum instead of Bitcoin. This shift gives BitMine a unique balance sheet profile as Ethereum’s proof-of-stake system enables holders to earn staking rewards in addition to capital appreciation.

BitMine operates MAVAN, an Ethereum staking platform that enhances its treasury strategy with a yield component. The company has staked over $10 billion of its Ethereum holdings, linking a portion of its balance sheet return to ETH’s network dynamics.

This structure provides investors with a clearer understanding of BitMine’s strategy: buying ETH during downturns, staking a significant portion of its holdings, and aiming to transform that exposure into an equity-market instrument accessible to traditional investors.

Russell 3000 Index inclusion opens new opportunities

Aside from expanding its treasury, BitMine has been included in the preliminary list for the 2026 Russell 3000 Index.

FTSE Russell released the initial reconstitution data on May 22, with the final index composition set to come into effect at the end of June.

Lee stated that BitMine’s market capitalization might position BMNR in the Russell 1000, the large-cap segment of the broader Russell 3000 Index, rather than the Russell 2000.

This distinction holds significance for the company’s investor base. The Russell 3000 tracks around 3,000 of the largest US companies, representing a significant portion of the US equity market. The Russell 1000 focuses on the largest entities within this group, while the Russell 2000 includes smaller firms.

This index inclusion could alter BitMine’s shareholder base, as funds linked to Russell indexes often adjust their portfolios during reconstitution, while some active managers rely on these benchmarks to select eligible holdings.

Lee also noted that many active managers concentrate on Russell 1000 constituents, and passive funds along with ETFs can hold a substantial portion of a company’s market capitalization once it is part of major benchmarks.

Expansion of crypto treasury stocks in public indexes

BitMine’s journey into the Russell indexes coincides with other crypto-related companies making strides in mainstream equity benchmarks.

SharpLink Gaming, a public entity with an Ethereum treasury strategy, is also poised for inclusion in the Russell indexes.

CEO Joseph Chalom of SharpLink mentioned that the company is expected to join the Russell 2000 and Russell 3000 indexes on June 29, highlighting the significance of this move due to the capital associated with these benchmarks.

Chalom stated:

“Approximately $12.2 trillion in assets are benchmarked against the Russell US Indexes, with roughly 16% using the Russell 2000 as their reference point. Inclusion places SBET inside the passive and active flows that track these benchmarks.”

The preliminary Russell materials also feature other crypto-linked firms such as Gemini Space Station (GEMI) and Galaxy Digital (GLXY), alongside Iris Energy and Soluna.

This group reflects a broader trend where crypto exposure is not limited to tokens, private funds, or spot ETFs.

Moreover, these developments follow the path set by Strategy’s MSTR. The company led by Michael Saylor entered the Russell 1000 in June 2024 and later transitioned to the Top 200 Value Index in 2025