Bitmine Holds 5.7M ETH, Nearing Tom Lee’s 5% Target; Added to Russell 1000 But Stock Plunges Over 90% YTD

Bitmine has increased its Ethereum holdings to 5.7 million ETH, representing 4.7% of the total supply, inching closer to Tom Lee’s 5% target. The company's stock (BMNR) was added to the Russell 1000 Index, potentially attracting passive institutional flows. However, ETH has dropped 8% during the same period, and BMNR shares fell 13% this week, down over 90% from their yearly high. Bitmine’s staked ETH could generate an estimated $246 million in annual yield.