BitMine May Join Russell 3000 Despite $7.8B ETH Losses

FTSE Russell’s preliminary list for the June 2026 reconstitution includes BitMine Immersion Technologies, which meets the market-cap threshold commonly used for Russell 1000 consideration. Inclusion in the Russell 3000 could draw passive inflows from index-tracking funds if the company remains on the final list.

BitMine shifted its business from Bitcoin mining to building a large corporate Ethereum treasury. The company reports holding about 5.28 million ETH, roughly 4.4% of the circulating supply. A significant share of those tokens is staked through the firm’s MAVAN platform, generating staking yields that the company counts as protocol income.

The company’s ETH purchases total about $18.5 billion at an average entry near $3,500 per ETH. The current valuation of the holdings is about $10.7 billion, leaving approximately $7.84 billion in unrealized losses. Those paper losses have affected the company’s quarterly results and drawn scrutiny from investors and analysts over concentrated exposure to a single asset.

Tom Lee, chair of BitMine and affiliated with Fundstrat, has described Ethereum as a wartime store of value and has set a year-end price target near $12,000 per ETH. BitMine has continued to buy during price declines and highlights staking yields as part of its treasury approach.

MicroStrategy has signaled a more flexible stance on its Bitcoin policy. In a recent interview, CEO Michael Saylor told an interviewer that selling some Bitcoin before the end of 2026 is “not unlikely” to help meet financial obligations such as funding dividends on preferred shares. He said any sales would be small relative to the company’s position and executed through programmatic models; MicroStrategy holds more than 840,000 BTC.

Market participants will watch the final June reconstitution for signs of how index flows may interact with corporate treasury strategies. Inclusion of an Ethereum-heavy company could channel new liquidity into ETH-linked corporate holdings, while any realized Bitcoin sales would be monitored for effects on the seller’s stock and on broader market sentiment around Bitcoin.