This article was first published on The Bit Journal.
Days before joining the Russell 1000, BitMine made yet another big move by staking 160,480 ETH worth about $248.7 million. According to blockchain tracker Lookonchain, this brought BitMine’s staked Ethereum balance to roughly 4.88 million ETH which is roughly 86% of all their ETH holdings.
BitMine’s stock, BMNR, is scheduled to become part of the Russell 1000 Index, which will expose the company’s Ethereum-focused strategy to a larger group of institutional investors. Not to mention, the company is also getting closer to its goal of owning 5% of Ethereum’s total supply.
A Treasury Focused Around Ethereum, Not Bitcoin
The latest staking transactions follows on from BitMine’s June 22nd treasury update, which revealed just how large BitMine’s Ethereum has become.
The company’s reported holdings include 5,672,956 ETH, alongside 205 BTC, $601 million in cash and marketable securities, investments in Beast Industries and Eightco Holdings, and zero outstanding debt. BitMine added up those assets and said they total approximately $10.7 billion.
The ETH holdings balance alone accounts for about 4.7% of ETH’s circulating supply, putting BitMine ahead of every other publicly traded Ethereum treasury company. The firm described itself as being 94% of the way toward its long-term “Alchemy of 5%” target.
Chairman Tom Lee is still 100% committed to this strategy.
In the company’s latest update, Lee said that BitMine had picked up 52,203 ETH during the previous week, adding $92 million worth of Ethereum to their balance sheet.
Why Staking Has Become Important to the Business
Before this latest staking transaction, the company disclosed that it had already staked 4,718,677 ETH through its validator network and partners. At the time, BitMine estimated that they were earning an annual staking revenue of around $223 million.
By boosting their staked balance to roughly 4.88 million ETH, BitMine is essentially tying their financial performance to Ethereum’s proof-of-stake ecosystem.
Now, staking income is supporting more than just treasury returns. It is becoming a very important aspect of their capital structure, including initiatives like their BMNP preferred stock program.
In effect, BitMine is attempting to operate as both a corporate treasury vehicle and a large-scale Ethereum yield business.
Russell 1000 Inclusion Could Change the Audience
So far, the Ethereum accumulation has been confined to the crypto space. Russell 1000 inclusion is about to change all that.
FTSE Russell’s 2026 reconstitution process becomes effective after markets close on June 26, with updated index memberships reflected beginning June 29.
Approximately $12.2 trillion in assets benchmark Russell indexes, making reconstitution one of the largest trading events of the year.
Analysts are expecting nearly $150 billion in trading activity around this year’s rebalancing.
For BitMine, getting into the Russell 1000 doesn’t mean they’re guaranteed to get a lot of sustained buying pressure. What it does provide is visibility.
Index funds, pension managers, ETFs, and institutional investors who may have previously ignored a crypto-focused company will now encounter a business whose balance sheet is dominated by Ethereum.
The Conversation Around Ethereum Concentration
BitMine’s growth has brought up a question that goes beyond the company itself. What happens when a handful of big treasury firms end up with large portions of the entire Ethereum supply?
Some argue that long-term treasury holders do the right thing by reducing the amount of ETH that is floating around, and that helps reinforce confidence in the Ethereum ecosystem.
However, critics are worried that having this concentration of ETH in the hands of just a few treasuries creates its own risks especially if those companies ever find themselves needing to raise capital, issue shares, borrow against their holdings, or sell up in a panic during a market meltdown.
With nearly 5% of the Ethereum supply in Bitmine treasury, and 86% of those ETH holdings being actively “staked” to earn rewards, this puts them squarely at the centre of the discussion.
At market close on June 25, BMNR was trading at $13.32, while ETH changed hands around $1,550.
Glossary
BitMine’s Ethereum Treasury – BitMines plan to accumulate a large amount of Ethereum to use as a core corporate asset.
ETH Staking – Locking up ETH so that it can be used to secure the Ethereum network and earn some rewards.
The Russell 1000 – A stock market index tracking large-cap U.S. companies.
Proof-of-Stake – Ethereum’s consensus mechanism that relies on staked ETH instead of mining.
Validator Network – the infrastructure that is used to validate transactions on the blockchain and earn staking rewards.
Treasury Company – a firm that holds onto a lot of digital assets as part of its corporate balance sheet.
Conclusion
BitMine’s latest staking transaction buttresses how how aggressively the company is going after its Ethereum strategy. By staking 86% of its ETH holdings and getting to the point where they own almost 5% of the entire ETH supply, they are now basically tied with the future of Ethereum.
The Russell 1000 inclusion has also brought a new audience to the table, but with that comes more scrutiny. Investors will be keeping a close eye on two main numbers: the price of Ethereum, and BitMine’s staking income as both are now important in deciding whether the company’s treasury experiment succeeds.
Frequently Asked Questions About BitMine ETH Holdings
How much Ethereum does BitMine own?
BitMine reported ETH holdings of 5,672,956 ETH as of June 21, 2026.
What percentage of Ethereum supply does BitMine control?
The company says its holdings represent approximately 4.7% of Ethereum’s circulating supply.
How much of their ETH has BitMine staked?
After their latest staking move, BitMine had almost 4.88 million ETH or about 86% of their holdings staked.
Why is being part of the Russell 1000 such a big deal?
Russell indexes are tracked by trillions of dollars in investment assets, so it is going to make BitMine more visible to institutional investors.
References
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