Bitmine Ethereum Holdings Near 5% Supply Target as BMNR Eyes Russell 1000 Entry

Bitmine Technologies expanded its Ethereum treasury again, purchasing 52,203 ETH and bringing total holdings to 5.67 million coins. The latest acquisition lifted the value of its Ethereum position to approximately $9.8 billion and moved the company closer to its stated goal of controlling 5% of Ethereum’s circulating supply.

The purchase came as Bitmine continued building its position as one of the largest institutional holders of Ethereum. Investors are also watching a separate catalyst this week, with BMNR stock expected to join the Russell 1000 Index during its annual reconstitution on June 26.

BitMine Purchases 52,203 Additional Ethereum

On Monday, June 22, Bitmine Technologies announced the purchase of over 52K ETH, taking its total holdings to 5.67 million ETH. According to the company, the position is valued at approximately $9.8 billion and represents about 4.7% of Ethereum’s total circulating supply. It also makes Bitmine one of the largest institutional holders of ETH.

Furthermore, Tom Lee’s firm reported that its combined holdings of cryptocurrencies, cash, and securities have grown to approximately $10.7 billion. Of its total Ethereum treasury, Bitmine has staked 4.72 million ETH, currently valued at around $8.2 billion. Based on current staking yields, the company estimates annualized staking revenue of roughly $223 million.

Bitmine is very much closer to its goal of holding 5% of total ETH supply. Speaking on the development, company chairman Tom Lee said:

“The best years for crypto remain ahead, in our view. Tokenization and the rapid progress in AI are expected to drive exponential demand growth for blockchain and decentralized crypto. We continue to maintain a steady pace of accumulation throughout 2026. We believe we are in the early stages of crypto spring. Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026”.

Recently, Bitmine also launched MAVAN (Made in America Validator Network), an institutional-grade Ethereum staking platform. The goal behind launching it is to bring institutional interest in ETH staking.

The company said MAVAN was initially developed to manage and support Bitmine’s own Ethereum treasury operations. However, the platform is expected to expand beyond internal use. Now, it offers staking infrastructure services to institutional investors seeking exposure to Ethereum staking.

BitMine’s BMNR Stock To Enter Russell 1000 Index

Bitmine could soon see a surge in institutional adoption as the company is expected to join the Russell 1000 Index following the index’s annual reconstitution on June 26.

Company chairman Tom Lee stated that inclusion in the Russell 1000 would place Bitmine directly on the radar of passive index funds. In addition, it will also be exposed to large asset managers tracking the benchmark index.

Several asset managers believe that the inclusion in the Russell 1000 index can lead to BMNR stock demand from passive investment vehicles. Market participants also view the event as a potential visibility catalyst.

Russell 1000 membership often increases institutional awareness, analyst coverage, and trading activity among larger market participants. If added, Bitmine would join a broader group of large-cap U.S. equities tracked by institutional investors.

Can BMNR Stock Recover?

After reaching the highs of $135 in July 2025, the BMNR stock has been on a downward trajectory. The stock price touched a low of $15.5 recently and is already down 50% since the beginning of 2026.

However, market experts believe that the BMNR stock is now approaching the buying zone pretty quickly. As per the above analysis by Freedom by 40, the stock is currently in the accumulation zone. A strong trend reversal driven by higher volumes could launch it into a higher trajectory.