BitMine's Ethereum Holdings Top 5.7 Million, Adding 27,084 ETH
According to a PR Newswire release, crypto miner BitMine purchased an additional 27,084 ETH last week, bringing its total Ethereum holdings to 5,700,040 tokens as of June 28, 2026. This represents approximately 4.7% of Ethereum's circulating supply, making BitMine one of the largest single holders on the network.
BitMine also disclosed its broader asset composition: total value of crypto, cash, and other investments stands at approximately $9.8 billion. Of that, $555 million is in cash and marketable securities, along with 206 BTC, $180 million in Beast Industries equity, and a $74 million investment in Eightco Holdings. Notably, 4,879,157 ETH (over 85% of its ETH holdings) are currently staked, worth approximately $7.7 billion. At current staking yields, BitMine generates roughly $211 million in annual staking rewards.
Russell 1000 Inclusion: Institutional Capital Inflow Expected
BitMine founder Tom Lee confirmed that the company was added to the Russell 1000 large-cap index during the annual reconstitution on June 26, 2026. This milestone is expected to bring hundreds to thousands of new institutional investors. Passive funds and ETFs typically hold 18%–20% of a listed company's free-float shares, meaning significant automatic capital allocation to BitMine's stock.
Tom Lee noted that the Russell 1000 inclusion marks a key step for crypto miners integrating into traditional finance. Institutions can gain indirect exposure to digital assets through index investing, further mainstreaming crypto acceptance.
Short-Term Market Pressure: ETH Down 8%, But Long-Term Thesis Intact
Despite BitMine's positive developments, the broader crypto market faced headwinds this week, with ETH falling 8%. Tom Lee attributes the decline to quarter-end 'window dressing' effects, where investors trim underperforming assets from their portfolios. Nevertheless, the Ethereum ecosystem saw encouraging news, including the launch of Ethlabs and a softening stance by the Bank of England on stablecoin regulation.
Tom Lee emphasized that the long-term trajectory for crypto remains bullish, driven by two core structural trends: the on-chain migration of Wall Street infrastructure and the rise of agentic AI payment systems that require decentralized settlement layers. These secular shifts are unaffected by short-term price moves, and BitMine will continue to hold and stake Ethereum, deepening its involvement in the crypto ecosystem.