Bitmine Immersion Technologies (BMNR) rose 1.7% to $13.80 Monday after purchasing $43 million in Ether and joining the Russell 1000 Index. The crypto treasury company now holds 5.70 million ETH worth $8.9 billion, representing 4.7% of the total Ether supply. The company is 94% of the way toward its goal of accumulating 5% of all ETH in circulation.
Bitmine Immersion Technologies (BMNR) bought $43 million in Ether last week and joined the Russell 1000 Index, sending shares up 1.7% to $13.80 on Monday.
The company added 27,084 ETH to its corporate treasury, bringing total holdings to 5.70 million coins worth $8.9 billion at current prices, according to company disclosures. Bitmine now controls 4.7% of the total Ether supply of 120.7 million coins, putting it 94% of the way toward its stated goal of accumulating 5% of all ETH in circulation.
Monday's gain partially reversed a 9% decline the prior week, when weakness in Ethereum prices dragged BMNR lower alongside the broader crypto equity complex. The stock closed at $13.80 in regular trading.
The Russell 1000 addition, effective June 26, makes Bitmine one of two crypto-native companies entering the large-cap index alongside IREN, which pivoted to AI cloud services after a $9.7 billion Microsoft deal. Index inclusion triggers automatic buying from passive funds that track the Russell benchmark, providing a structural demand channel for BMNR shares that did not exist before.
Bitmine's accumulation strategy mirrors a growing trend among publicly traded companies using corporate treasury reserves to acquire digital assets. The company has built its 5.70 million ETH position over 11 months, averaging roughly 518,000 Ether per month. At the current pace, Bitmine could reach its 5% supply target within weeks.
The sustainability of that buying depends on Ethereum's price trajectory. ETH has faced headwinds from macroeconomic uncertainty and competing Layer 1 networks, contributing to BMNR's 9% slide last week. If Ether continues to underperform, Bitmine's concentrated treasury position — nearly all of its market value tied to a single asset — amplifies downside risk for shareholders.
This article is for informational purposes only and does not constitute investment advice.
