Bitmine has been added to the preliminary Russell 3000 list, according to comments posted by chairman Tom Lee on X. Lee said the company’s current $10.15 billion market capitalization is above the $5.7 billion threshold associated with the Russell 1000, putting it in position for possible inclusion in the large-cap index.
The Russell 1000 tracks the 1,000 largest public companies in the United States. Lee said many active fund managers limit purchases to Russell 1000 constituents, and estimated that as much as 25% of Bitmine’s market value could eventually be held by passive index funds and ETFs. If that happens, stock purchases tied to index tracking would be made automatically, giving traditional investors indirect exposure to Bitmine’s Ethereum holdings.
Russell reconstitution calendar is already set
FTSE Russell published the preliminary Russell 3000 list on Friday. The next updates are scheduled for June 5, June 12, and June 18, and the reconstituted indexes are set to take effect after the US market close on June 26. Bitmine still needs to keep its eligibility through those updates.
That timing matters. A company can appear on an early list and still fall out before the final rebalance if the relevant requirements are no longer met, so the market will be watching whether Bitmine can hold its valuation and remain in line for final inclusion.
Share price has fallen, but the ETH treasury has grown
Bitmine shares are down more than 30% this year and closed at $18.88 on Friday. The report said the company announced its Ethereum treasury strategy in July 2025. Its stock then surged above $135 on July 3, and by July 14 the company had disclosed holdings of 163,142 ETH, valued at roughly $500 million at the time.
As of last week, Bitmine had accumulated 5.28 million ETH, equal to about 4.37% of Ethereum’s total supply. The company’s stated goal is to reach 5% of circulating supply. Using the figures cited in the source, that target is based on about 120.7 million ETH, leaving roughly 756,538 ETH still to be acquired.
Paper losses and staking income are moving in opposite directions
Ethereum has fallen more than 57% from its all-time high of $4,946, according to the report. Bitmine has recorded about $7.3 billion in paper losses as its stock declined. Lee also said last Monday that most of the company’s ETH holdings had been deployed into staking, generating annualized income of $289 million.
For Bitmine, index inclusion would matter because passive fund flows are rule-based rather than discretionary. If the company stays eligible through the final updates, those flows could become a direct source of demand for the stock while leaving public-market investors with indirect exposure to the company’s ETH position.