BitMine Buys 60,000 ETH ($126M) as Russell 1000 Nod Looms

On May 23 BitMine purchased 60,000 ETH, about $126 million, in a trade executed through BitGo and Kraken. The purchase raised the company’s holdings to more than 5.2 million ETH, valued at roughly $11.1 billion at current market prices. Ether was trading near $2,000 at the time, about 60% below its August 2025 peak of $4,953.

FTSE Russell released preliminary reconstitution data for the 2026 Russell indexes on May 22. Final index changes take effect at the end of June. Inclusion in the Russell 1000, the large-cap segment of the Russell 3000, would make BitMine eligible for many passive funds and ETFs that track those benchmarks and could change the company’s investor base.

BitMine’s treasury strategy centers on Ethereum rather than Bitcoin. The company operates MAVAN, an Ethereum staking platform, and has staked more than $10 billion of its ETH holdings. Staking generates network rewards and adds a yield component to the company’s balance sheet alongside potential price gains.

About two weeks before the latest purchase, BitMine indicated it would slow the pace of accumulation but continued buying during the recent price pullback. BitMine chairman Thomas Lee described Ether’s decline below $2,200 as an attractive entry point and pointed to regulatory developments around the CLARITY Act as a factor in the company’s decision to add exposure.

Other public companies with crypto exposure appear on the preliminary Russell materials, including SharpLink Gaming, Galaxy Digital, Gemini Space Station, Iris Energy and Soluna. Joseph Chalom, chief executive of SharpLink Gaming, noted: “Approximately $12.2 trillion in assets are benchmarked against the Russell US Indexes, with roughly 16% using the Russell 2000 as their reference point.”

The final Russell index composition will be confirmed at the end of June, which will determine whether BitMine is placed in the Russell 1000 and whether index-tracking funds adjust their holdings.