Bitmine (BMNR) has further boosted its Ethereum holdings to 5.7 million ETH, representing approximately 4.7% of the total Ethereum supply, according to market reports. This brings the company within striking distance of the 5% target previously outlined by veteran analyst Tom Lee, with only a 0.3 percentage point gap remaining. Additionally, Bitmine has been officially added to the Russell 1000 Index, a milestone expected to introduce a substantial inflow of passive institutional capital.
Market Reaction and Staking Income
Despite the expanding position, recent market performance has been mixed. Over the past week, the price of Ethereum dropped roughly 8%, while BMNR shares declined 13% in the same period. The stock has plummeted more than 90% from its 2026 intra-year high. On the positive side, Bitmine's entire ETH stack is currently staked, generating an estimated annual yield of approximately $246 million at prevailing staking rates, providing a steady revenue stream to offset market volatility.