On-chain data shows that Bitmine appears to have continued accumulating Ethereum over the past 24 hours, with its ETH treasury rising to approximately 5.33 million ETH. On the corporate disclosure front, Chairman Tom Lee also stated that Bitmine has been included in the preliminary adjustment list published by FTSE Russell, potentially qualifying for inclusion in the Russell 1000 Index.
On-chain address suspected of transferring 60,000 ETH
Onchain Lens stated on X that a wallet potentially linked to Bitmine withdrew 60,000 ETH from BitGo and Kraken, valued at approximately $126 million based on the report. If this address is indeed owned by Bitmine, it means the company has further increased its Ethereum holdings within a single day.
The report noted that after this withdrawal, Bitmine's ETH holdings have exceeded 5.33 million. Tom Lee previously stated that the company views ETH below $2,200 as an attractive allocation range, which has been seen by outsiders as one of the reasons behind its recent continuous purchases.
Tom Lee mentioned the "5%" target.
Tom Lee stated earlier this week that the company expects to reach the "5%" target at some point in 2026. The original text did not elaborate on the specific calculation methodology, but his recent public comments have consistently focused on Ethereum treasury strategy.
He has also repeatedly viewed tokenization as one of Ethereum's key growth narratives and cited it as a reason for Bitmine's allocation to ETH. The report also noted that the U.S. Securities and Exchange Commission recently delayed its decision on tokenized stocks, putting short-term pressure on this narrative.
Or be included in the Russell 1000 Index
Tom Lee stated on X that, following FTSE Russell's release of the preliminary index inclusion and exclusion list, Bitmine has entered the candidate list for large-cap indices and may be included in the Russell 1000 Index. He noted that BMNR's market capitalization has exceeded the $5.7 billion threshold required for large-cap inclusion.
According to him, many active funds only buy stocks in the Russell 1000 Index, and typically 20% to 35% of a stock’s market capitalization is held by passive index funds and ETFs. If ultimately included, Bitmine’s potential institutional coverage could expand significantly.
Stock performance has diverged
Reports show that Bitmine's stock price has declined more than 32% year-to-date, but has still risen over 162% over the past year—a gain roughly aligned with the company’s performance since shifting to an Ethereum treasury strategy.
Additional information: At the time of this report, ETH was still trading below $2,200, having briefly traded around $2,044. The market is also watching to see whether Bitmine’s continued expansion of its holdings will encourage more publicly traded companies to adopt Ethereum as a treasury strategy.