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Tom Lee’s Bitmine Purchased 60,000 ETH Amid Potential Russell 1000 Inclusion
- BitMine Immersion Technologies reportedly added 60,000 Ethereum to its holdings over the past 24 hours.
- The company now holds more than 5.3 million Ethereum.
- This came after Tom Lee stated that the company could be added to the Russell 1000 index.
Bitmine Increased Its Ethereum Holdings by 60,000 ETH, Bringing Total ETH Assets Above 5.3 Million
According to a post by blockchain analytics platform Onchain Lens, a wallet allegedly linked to the Ethereum treasury management company withdrew 60,000 Ethereum, worth approximately $126 million, from BitGo and cryptocurrency exchange Kraken.
Following this latest purchase, the company now holds more than 5.33 million Ethereum.
This latest acquisition follows Bitmine’s previously announced $154 million Ethereum purchase earlier this week.
The company now controls more than 4.3% of the total Ethereum supply, moving closer to its 5% target.
Meanwhile, the company has staked more than 4.7 million Ethereum worth over $10 billion, while annual staking revenue has reached $289 million.
Bitmine chairman Tom Lee stated earlier this week that they viewed Ethereum’s recent drop below $2,200 as an “attractive opportunity,” which may explain the significant buying activity below that level.
Lee also mentioned that they expect to achieve “5% alchemy” sometime in 2026.
Currently, Ethereum is trading below $2,200 and struggling to remain above the psychological $2,000 level, while the broader crypto market continues to decline after the U.S. Securities and Exchange Commission delayed its decision regarding tokenised stocks.
According to TradingView, the largest altcoin by market capitalisation is currently trading around $2,044.
Source: TradingView; ETH daily chart.
It is worth noting that Tom Lee has consistently highlighted tokenisation as one of the major growth drivers for Ethereum and as a key reason behind Bitmine’s investment strategy in the crypto asset.
As a result, the U.S. Securities and Exchange Commission decision represented a setback for this bullish narrative.
ETH Treasury Firm Prepares for Russell 1000 Inclusion
In a post on X, Tom Lee revealed that Bitmine had been included in the Large-Cap 1000 list following FTSE Russell’s preliminary inclusion and exclusion data release.
He cited BMNR shares as one of the reasons for the inclusion.
The crypto company’s market capitalisation exceeds the $5.7 billion minimum threshold required for inclusion in the large-cap index.
Lee also explained why this development is favourable for the company, noting that many asset managers only purchase stocks included in the Russell 1000 index.
He added that an estimated 20% to 35% of stock market capitalisation is held through passive index funds and ETFs.
This development is therefore positive for Bitmine shares, which have fallen more than 32% since the start of the year.
However, over the past year, the stock has gained more than 162%, roughly since the company adopted its Ethereum treasury reserve strategy involving Ethereum.
See also: "Bitcoin Climbed Above $76,500 Amid Hopes for an Iran Deal"
