On-chain tracker Lookonchain reported that BitMine has staked an additional 160,480 ETH, worth approximately $248.7 million, raising its total staked ETH to roughly 4.88 million tokens. That represents about 86% of the company's entire Ethereum holdings, highlighting the firm's deepening reliance on staking as a core treasury strategy.
The move follows BitMine's June 22 holdings update, which showed 5,672,956 ETH, 205 BTC, $601 million in cash and marketable securities, along with stakes in Beast Industries and Eightco Holdings. The company reported no debt. Chairman Tom Lee stated in the update that BitMine acquired 52,203 ETH over the past week and reiterated that the firm remains in what he calls the early stages of 'crypto spring.'
Russell 1000 Inclusion Nears
BitMine confirmed that its stock BMNR will join the Russell 1000 index after the market close on June 26, as part of FTSE Russell's 2026 U.S. index reconstitution — the first year returning to semi-annual rebalancing. For BMNR, the inclusion means passive funds and large managers tracking the Russell benchmarks will adjust portfolios, likely increasing trading activity around the stock. While it does not guarantee sustained buying pressure, it does place BMNR in front of a much broader investor base.
BitMine's massive Ethereum balance sheet has already drawn scrutiny, and the stock remains highly correlated with ETH prices. The index move could improve liquidity, but whether equity demand can withstand ongoing crypto volatility remains a key question for investors.
Staking Yield Becomes Core to Treasury Model
BitMine reported annualized staking revenue of around $223 million as of June 21, when its staked ETH stood at 4,718,677 tokens. The company stated that fully staking its entire ETH holdings could generate even higher yearly returns through its validator network and partners. Staking income is no longer a side stream — it now directly supports the dividend payments on BitMine's BMNP preferred stock, which are tied to the company's Ethereum treasury and staking operations.
Tom Lee has consistently framed ETH accumulation as the central strategy for 2026, with a stated target of reaching the 'alchemy of 5%' of Ethereum's total supply — roughly 6 million ETH. BitMine currently holds about 4.7% of circulating ETH, edging closer to the milestone.
Ethereum Concentration Risk Stays in Focus
As the largest public Ethereum treasury company, BitMine's Arkham entity page has become a reference for tracking wallet activity and staking moves. The scale raises ongoing debates: large holders can reduce liquid supply but also create concentration risk through borrowing, stock issuance, or selling into weak markets. BitMine's next tests are whether Russell 1000 inclusion can sustain equity demand and whether staking income can offset the risks of holding one of the world's largest single-entity ETH treasuries.
BMNR traded at $13.32 on June 25, while ETH hovered near $1,550. The coming months will reveal how index-driven demand interacts with Ethereum's price volatility and BitMine's own treasury decisions.