BitMine Immersion Technologies could enter the Russell 3000 Index despite massive Ethereum losses, while Michael Saylor now signals Strategy (formerly MicroStrategy) may sell some Bitcoin during 2026 to manage its obligations.
We break down both corporate moves and what they reveal about the evolving battle between Ethereum and Bitcoin treasuries.
BitMine’s Push Toward the Russell 3000 Index
The Russell 3000 Index tracks the 3,000 largest United States companies by market capitalization. BitMine Immersion Technologies, chaired by Fundstrat’s Tom Lee, appears on the FTSE Russell preliminary list for inclusion in June 2026.
On another hand, Russell 1000 component sets a minimum threshold near $5,7 billion in market cap. BitMine comfortably exceeds that level, raising expectations of significant passive inflows from index-tracking funds once the reconstitution is finalized.
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The company pivoted aggressively from Bitcoin mining toward building what it calls the world’s largest corporate Ethereum holding. According to CoinGecko data, BitMine now holds roughly 5,28 million ETH, equal to about 4.4% of the total Ethereum supply.
A large portion of those holdings sits staked through its MAVAN platform, generating meaningful annual yields. Lee continues to describe Ethereum as a wartime store of value and projects a long-term target near 12,000 dollars per ETH by year-end.
The strategy carries a steep short-term cost. BitMine currently sits on roughly $7,84 billion in unrealized losses, having bought ETH at an average price close to $3,500 across an $18,5 billion dollar investment.
The current valuation of its stash stands near $10,7 billion. These paper losses have weighed on quarterly results and sparked active debate about the risks of such concentrated exposure to a single digital asset.
Critics question doubling down during heavy drawdowns. Yet Lee and BitMine continue opportunistic purchases, treating volatility as a buying opportunity rather than a warning signal about Ethereum’s near-term outlook.
