Foreign media reported that BitMine Immersion Technologies has been included in the preliminary list for inclusion in the Russell 1000. Given that the company is one of the largest Ethereum holders among U.S. listed firms, this change not only pertains to index rebalancing but also reignites market interest in whether ETH treasury stocks will attract renewed capital inflows.
The preliminary list has been published.
Tom Lee, partner at Fundstrat, stated that FTSE Russell has released the preliminary list of additions and deletions for its annual index rebalancing on May 23. According to LSEG data, the market capitalization threshold for the Russell 1000 in 2026 is approximately $5.7 billion, while BitMine’s current market capitalization is about $8.58 billion, exceeding this level.
FTSE Russell is proceeding with the semi-annual review of U.S. indices in June 2026. The preliminary list will continue to be updated in May and June, with final results taking effect after the close of U.S. markets on June 26. This means that BitMine remains under ongoing market observation until its official inclusion.
Passive funding or position adjustment
The article notes that if a company is ultimately included in the Russell 1000, funds and ETFs tracking the index may need to adjust their positions accordingly. Tom Lee also mentioned that some actively managed funds typically only purchase stocks within the Russell 1000, and the market capitalization held by passive index funds and ETFs often accounts for 20% to 25% of a company’s total market value.
This is also one of the reasons the market is paying attention to BitMine. For a stock originally with strong cryptocurrency characteristics, inclusion in an index means the potential source of buying demand could expand from thematic investors to more traditional institutional allocation funds.
5.28 million ETH are in the spotlight
According to prior reports from crypto.news, BitMine increased its ETH holdings by 71,672 ETH within a week, raising its total holdings to 5.28 million ETH, approximately 4.37% of the total ETH supply at the time. Of this, 4.71 million ETH have been staked, yielding an estimated annualized staking income of $289 million, based on the report.
The article argues that this is also what distinguishes BitMine from typical index inclusion cases: the market discussion is not just about whether the stock will attract passive inflows, but also whether a publicly traded company that holds and stakes large amounts of ETH will spur interest in the theme of “Ethereum treasury stocks.”
ETH sentiment remains weak.
However, the report also noted that Ethereum’s recent price performance has remained under pressure. Previously, ETH failed to effectively reclaim $2,150, and outflows from ETFs, along with market concerns over large-scale ETH treasury models, have weighed on overall sentiment.
Under this context, some market participants have incorporated BitMine’s potential index as a possible catalyst to reverse pessimistic expectations. The article also notes that Ethereum’s on-chain fundamentals continue to be cited by bulls—for example, Arbitrum’s 2025 transparency report revealed that cumulative transactions have exceeded 2.1 billion, total value locked is approximately $20 billion, and stablecoin supply is nearing $10 billion.