Bitmine ETH Holdings Reach 5.7M After Joining Russell 1000

Bitmine Immersion Technologies added more than 27,000 Ether last week as it joined the Russell index that tracks the largest 1,000 U.S. companies. Bitmine said Monday that after a $43 million purchase it held just over 5.7 million Ether, bought at an average price of $1,569 per token, representing 4.7% of the 120.7 million-token supply and moving closer to its goal of owning 5%.

The latest purchase cements Bitmine's lead as the largest public corporate holder of Ether. Inclusion in the Russell 1000 is expected to increase demand for Bitmine shares because many mutual funds, ETFs and pension funds track the index and must buy the stock once it's added.

"Being added to the Russell 1000 is expected to add hundreds and possibly thousands of additional institutional investors as equity owners of Bitmine," Lee said.

United States

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