Bitmine Increases ETH Holdings to 5.7 Million, Approaching 5% Target
Bitmine has announced an increase in its Ethereum holdings to 5.7 million ETH, representing 4.7% of the total circulating supply. This brings the company close to the 5% target previously set by prominent analyst Tom Lee, underscoring institutional conviction in Ethereum's long-term prospects.
Inclusion in Russell 1000 Index Could Attract Passive Capital
In a parallel development, Bitmine has been added to the Russell 1000 Index. This inclusion is expected to drive significant passive institutional inflows, as index funds and ETFs tracking the benchmark will be forced to allocate to BMNR shares, potentially providing price support.
Divergent Market Performance: ETH Down 8%, BMNR Crashes
Despite the bullish news, market performance has been mixed. The price of Ethereum has fallen 8% over the same period, while Bitmine's stock (BMNR) has dropped 13% in the past week and is down over 90% from its yearly high. On the earnings side, Bitmine's staked ETH is projected to generate approximately $246 million in annualized staking rewards.