Ether treasure company Bitmine Immersion Technologies has been placed on a tentative list for potential inclusion in the Russell 3000 index, which CEO Tom Lee suggested could provide a tailwind for the company’s stock.
FTSE Russell, a subsidiary of the London Stock Exchange Group, published on Friday, the preliminary list for inclusion in the Russell 3000 index, covering the 3,000 largest companies in the US, was published.
Leeward he said on Saturday, Post X reported that Bitmine could be included in the Russell 1000, an index of the 1,000 largest U.S. companies, due to the index’s minimum market capitalization threshold of $5.7 billion. Bitmine’s market capitalization was $10.15 billion at market close on Friday.
Lee said that “many active managers buy stocks exclusively in the Russell 1000,” adding that it is estimated that up to 25% of the market capitalization of stocks included in the index is in the hands of passive index funds or exchange-traded funds.
Source: Tom Lee
Bitmine’s inclusion in the Russell 1000 could make this happen place will be included in the same index as major U.S. large-cap stocks, including tech giants Nvidia Corporation, Microsoft and Apple, and could trigger automatic buying by passive funds, providing time-honored investors with indirect exposure to Ether holdings.
FTSE Russell will provide further updates to the lists on June 5, 12 and June 18, and the newly created indices will take effect after the close of the US market on June 26.
Bitmine shares are down 30% since the beginning of the year
Bitmine Immersion Technologies (BMNR) shares are down over 30% year-to-date and closed at $18.88 on Friday. The company announced plans to build an ether vault in July 2025. By July 3, its shares had risen to over $135. Business revealed On July 14 of the same year, he held 163,142 Ether worth approximately $500 million.
Bitmine shares are down more than 30% since the beginning of the year. Source: Google Finance
As of last week, Bitmine held 5.28 million Ether, or approximately 4.37% of Ethereum’s total supply, and the company’s ultimate goal was to maintain 5% of the token’s circulating supply of 120.7 million. To reach the goal of over 6 million Ether, Bitmine needs approximately 756,538 more in its stash.
Related: Ether withdrawal was an ‘attractive opportunity’ to buy 71,672 ETH: Lee from Bitmine
Ether is down more than 57% from its all-time high of $4,946, According to to CoinGecko. BitMine also suffered an estimated loss of $7.3 billion due to the decline in paper prices.
Lee before, though he argued that a acute drop in Ether could offer another opportunity to buy and he said last Monday, the company staked most of its stocks, and annual staking revenue was $289 million.
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