BitMine bought another 60,000 ETH worth about $126 million, while Ethereum traded close to $2,000, expanding one of the largest business accumulation strategies associated with the second-largest digital asset.
The purchase came just as the company was named to the preliminary list for the Russell 1000 Index, allowing the crypto holder to grab a slice of the $12.2 trillion in assets benchmarked against the Russell US Indexes.
Why BitMine is expanding its Ethereum holdings during the current sell-off
On May 23, blockchain analyst EmberCN said reported BitMine’s latest ETH purchase was conducted via BitGo and Kraken.
The purchase increased BitMine’s Ethereum holdings to over 5.2 million ETH, valued at approximately $11.1 billion at current market prices. The company has continued to accumulate even as ETH is worth almost $2,000, which is about 60% below its August 2025 all-time high of $4,953.
Notably, this latest purchase comes about two weeks after the company announced its intention to slow the pace of its ETH accumulation.
However, BitMine Chairman Thomas Lee previously described ETH’s recent drop below $2,200 as an attractive entry point.
According to him, the pullback has provided an opportunity to increase ETH exposure ahead of a possible recovery in digital assets. Lee stated that recent regulatory developments surrounding the CLARITY Act could spur growth in the emerging industry.
As a result, his company has continued to increase its exposure to the cryptocurrency in anticipation of its growth.
Meanwhile, BitMine’s strategy mirrors the corporate treasury model popularized by Strategy (formerly MicroStrategy), but shifts its focus from Bitcoin to Ethereum.
That distinction gives BitMine’s balance sheet a different profile, as Ethereum’s proof-of-stake system allows holders to generate staking rewards instead of relying solely on price increases.
BitMine operates MAVAN, an Ethereum staking platform that adds a returns component to its treasury approach. The company has deployed more than $10 billion of its Ethereum holdings, tying a portion of its balance sheet proceeds to ETH’s network economics.
That structure gives investors a cleaner way to evaluate BitMine’s strategy: the company buys ETH in weakness, stakes a large portion of its positions and tries to turn that exposure into a stock market instrument accessible to traditional investors.
Russell’s preliminary list adds another channel
In addition to the expansion of the treasury, BitMine has been added to the preliminary version list for the 2026 Russell 3000 index.
FTSE Russell published the first reconstruction data on May 22, with the final index composition due to come into effect at the end of June.
Lee said BitMine’s market cap could put BMNR in the Russell 1000, the large-cap segment of the broader Russell 3000 Index, instead of the Russell 2000.
That distinction is important to the company’s investor base. The Russell 3000 tracks approximately 3,000 of the largest U.S. companies and represents virtually the entire investable U.S. stock market. The Russell 1000 includes the biggest names in that group, while the Russell 2000 includes smaller companies.
This index inclusion could change who owns BitMine’s stock, because the funds benchmarked against Russell indexes often tailor portfolios around index reconstruction, while some active managers use those benchmarks to define the pool of eligible investments.
Lee has also argued that many active managers focus on Russell 1000 constituents, and that passive funds and ETFs can own a significant portion of a company’s market capitalization once it is included in major benchmarks.
Crypto treasury stocks move deeper into public indexes
BitMine’s Russell path comes as more crypto-linked companies enter mainstream stock benchmarks.
SharpLink Gaming, another publicly traded company with an Ethereum treasury strategy, is also linked to the inclusion of the Russell index.
SharpLink CEO Joseph Chalom said The company is expected to join the Russell 2000 and Russell 3000 indexes on June 29, calling the move a significant milestone due to the capital tied to these benchmarks.
According to him:
“Approximately $12.2 trillion in assets is benchmarked against the Russell US Indexes, with roughly 16% using the Russell 2000 as a reference point. Inclusion places SBET within the passive and active flows that these benchmarks track.”
The preliminary Russell materials also include other crypto-related companies, including Gemini Space Station (GEMI) and Galaxy Digital (GLXY), as well as Iris Energy and Soluna.
This group reflects a broader shift where cryptocurrency exposure is no longer limited to tokens, private funds or spot ETFs.
Meanwhile, tThese additions follow the precedent set by Strategy’s MSTR. The Michael Saylor-led company joined the Russell 1000 in June 2024 and was subsequently promoted to the Top 200 Value Index in 2025.