According to reports from Fundstrat's Tom Lee, BitMine Immersion Technologies has appeared on the preliminary list for Russell 1000 inclusion. FTSE Russell published its preliminary index additions and deletions on May 23, 2026, with the changes taking effect after U.S. markets close on June 26, 2026. Lee noted that BitMine's market value exceeded the roughly $5.7 billion minimum for large-cap inclusion, with current market data placing BMNR's market capitalization near $8.58 billion. The Russell 1000 cutoff has moved higher this year, with the smallest Russell 1000 company having a market capitalization of $5.7 billion as of April 30, 2026. Lee separately noted that BitMine was also added to FTSE Russell's preliminary Russell 3000 inclusion list alongside Sharplink Gaming on Friday, a move that could potentially force passive index funds and exchange-traded funds to collect the stock if the inclusion becomes final.
As reported by Crypto.news, BitMine holds 5.28 million ETH after adding 71,672 tokens in one week, representing about 4.37% of Ethereum's total supply. The company has staked 4.71 million ETH, creating estimated annualized staking revenue of $289 million. Lee emphasized that many active managers only buy stocks inside the Russell 1000, while passive index funds and ETFs often hold an estimated 20% to 25% of a company's market cap. This passive flow potential has drawn attention to BMNR as one of the largest public Ethereum treasury plays. However, the position has translated into nearly $8 billion in unrealized losses with an average entry near $3,500, as reported by Crypto.news. Despite this pressure, Lee continues doubling down on his Ethereum accumulation strategy.
According to Crypto.news, Ethereum's price was trading at $2,107, up over 3% during the past 24 hours. On Stocktwits, the retail sentiment around ETH moved to 'neutral' from 'bearish' while chatter around it stayed in the 'high' levels during the past day. Lee described the Russell 1000 inclusion as a positive development for BitMine, though he warned that broader markets could still face a major correction later this year, driven by midterm elections, tightening petroleum inventories, and broader macro uncertainty. That cautious outlook was amplified by macro analyst Henrik Zeberg, who argued that the 'stock market is in LaLa-Land' and warned that weakening consumers could ultimately trigger a broader market crash. The listing brings attention to BitMine's Ethereum-heavy balance sheet, with the company continuing to add ETH even as the market has traded below stronger resistance levels.
Despite price pressures, Ethereum's network activity remains part of the bullish case. According to Arbitrum's 2025 transparency report, the network showed more than 2.1 billion cumulative transactions, about $20 billion in total value locked, and nearly $10 billion in stablecoins. However, Ethereum faces growing internal criticism as Simon Dedic, Founder of Moonrock Capital, reported that nine senior Ethereum Foundation researchers and key operators had exited the organization this year alone, including several longtime ecosystem figures. Dedic argued the departures represented a 'massive red flag' regardless of how the restructuring narrative is framed. Vitalik Buterin's latest comments added to the Ethereum treasury debate, with the Ethereum Foundation saying it will sell less ETH and focus remaining resources on long-term survival, privacy, security, and protocol goals. Buterin noted that the foundation holds only about 0.16% of ETH supply, while nearly 90% of his own net worth remains in ETH.
