Tom Lee’s Bitmine to Join Russell 1000 Today as BMNR Stock Falls

Ethereum treasury firm Bitmine will join the Russell 1000 today, marking a significant development for the company. This comes as BMNR stock extends its decline, with renewed selling pressure amid the crypto market downtrend.

Bimine To Join Russell 1000 After Market Close

In an X post, the Ethereum treasury firm announced that it will be added to the Russell 1000 today, effective after the market close. The stock market index notably comprises the largest 1,000 stocks in the Russell 3000.

Alongside Bitmine, Elon Musk’s SpaceX, and some small-cap stocks will also be included in the Russell 1000 today. The announcement from the Ethereum treasury company comes after CoinGape reported earlier this week on the potential Russell 1000 inclusion of Bitmine.

The Russell 1000 inclusion marks a positive for the Ethereum treasury firm as fund managers will have to rebalance their portfolios and add the stock, providing new buying pressure for the company’s stock. Ahead of the inclusion, the firm highlighted its current financial status, noting that it has 5.6 million ETH on its balance sheet.

Furthermore, Bitmine holds $601 million in cash and marketable securities and $350 million in its preferred security, BMNP. The company also noted that it has no debt and boasts an annualized staking yield of $233 million, having staked over 4.7 million ETH.

BMNR Stock Extends Decline

BMNR stock has extended its decline today, trading around $13 and down over 2%, according to TradingView. The stock is also notably down by over 16% in the last five days. This comes amid renewed selling pressure in the crypto market, which has driven the Ethereum price down to around $1,500.

With the recent Ethereum decline, Bitmine’s unrealized loss on its ETH investment now stands at just over $10.5 billion, according to DropsTab data. The company has an average price of around $3,400 on its ETH holdings.

It is worth noting that Ethereum has also lost its spot as the second-largest crypto asset by market cap, falling below Tether’s USDT. Despite the market downtrend, Bitmine has maintained its weekly ETH buys.

The company expects to reach its goal of accumulating 5% of the total ETH supply sometime this year. Meanwhile, Bitmine’s Chairman, Tom Lee, said they are seeing signs that the market is in the early stages of a crypto spring despite the downtrend.