Bitmine's Ethereum Stake Reaches New High, Nears 5% Goal
Bitmine announced it has increased its Ethereum holdings to 5.7 million ETH, accounting for 4.7% of the total circulating supply. This brings the company close to the 5% strategic target previously set by Wall Street bull Tom Lee. With this acquisition, Bitmine becomes one of the largest single holders of Ethereum, drawing significant market attention.
Russell 1000 Inclusion to Drive Passive Inflows
Bitmine has also been added to the Russell 1000 Index, a move that compels ETFs and index funds tracking the index to allocate shares of BMNR automatically. Analysts estimate this could bring tens of millions of dollars in passive inflows, potentially providing a near-term boost to the stock price.
Market Reaction: ETH Under Pressure, BMNR Stock Plummets
Despite the bullish holdings data, market response has been mixed. ETH price fell 8% over the same period, while BMNR shares dropped 13% weekly and are down more than 90% from their 2026 highs. Some investors express concerns about Bitmine's concentrated position risk and whether staking yields can cover its financing costs.
Staking Revenue: Estimated $246 Million Annually
According to estimates, most of Bitmine's 5.7 million ETH are currently staked. At the current Ethereum staking annualized yield of approximately 3.5%, the company is expected to generate around $246 million in staking rewards per year, providing a stable cash flow stream.