Bitmine has further increased its Ethereum holdings to 5.7 million ETH, representing 4.7% of the total circulating supply, inching closer to the 5% target previously set by Fundstrat co-founder Tom Lee. The company's stock (BMNR) has also been added to the Russell 1000 Index, which is expected to attract significant passive institutional capital.
Holding Details and Index Inclusion
According to the latest disclosures, Bitmine raised its ETH position to 5.7 million coins. Tom Lee had publicly stated that Ethereum should constitute 5% of the total supply; the current level is now only 0.3% away from that goal. Inclusion in the Russell 1000 means BMNR will be automatically included in many passive fund portfolios, potentially driving substantial buying pressure. The Russell 1000 tracks the largest 1,000 U.S. stocks, and fund managers overseeing trillions of dollars will be forced to rebalance their holdings to include BMNR.
Market Performance and Staking Revenue
Despite the positive news, the market reaction has been mixed. ETH price has fallen approximately 8% over the same period, while BMNR shares dropped 13% in the past week. The stock is now down over 90% from its year-to-date highs. On the bright side, Bitmine's staked ETH continues to generate steady income. Based on current holdings, the annualized staking yield is estimated at $246 million, providing a reliable cash flow for the company. This yield could help offset the recent price declines and support long-term value creation for shareholders.