BitMine Could Join Russell 3000 Despite $7.8B ETH Loss
BitMine may enter the Russell 3000 in June 2026 despite about $7.8 billion in unrealized losses on roughly 5.28 million ETH in its corporate treasury.
FTSE Russell’s preliminary reconstitution list includes BitMine Immersion Technologies for possible addition to the Russell 1000 segment of the Russell 3000 at the June 2026 reconstitution. BitMine’s market capitalization sits above the approximate $5.7 billion threshold for large-cap inclusion. The final index list will be published at the June reconstitution; index funds that buy only Russell 1000 components could add BitMine if it is confirmed.
The company shifted away from a pure Bitcoin-mining model and accumulated about 5.28 million ETH in its corporate treasury, equal to roughly 4.4% of total Ethereum supply. Much of the position is staked through BitMine’s MAVAN platform, producing annual yield that contributes to the company’s revenue.
BitMine bought ETH at an average price near $3,500 per token and spent about $18.5 billion building the position. The current valuation of the holdings is about $10.7 billion, leaving an unrealized loss of roughly $7.84 billion. Those paper losses have been reflected in recent quarterly financial results.
Tom Lee, who chairs BitMine, has described Ethereum as a ‘wartime store of value’ and projected a long-term target near $12,000 per ETH by year-end. The company has continued to purchase ETH opportunistically and to stake large portions of its holdings.
Strategy, the corporate vehicle formerly known as MicroStrategy, holds more than 840,000 BTC. Chief executive Michael Saylor indicated it is ‘not unlikely’ the company will sell some Bitcoin before the end of 2026 to help fund obligations including dividends on preferred shares. Saylor characterized any sales as programmatic and measured, saying the company runs multivariate models to manage execution.
Investors and analysts are expected to monitor the June reconstitution for any change in BitMine’s investor base and potential passive inflows. They will also watch for any public announcements from Strategy about Bitcoin sales and any related market effects. FTSE Russell will issue its final list at the June reconstitution.
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