Bitmine enters the Russell 1000 index after reaching 94% of the Ethereum target
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Bitmine Immersion Technologies took another step in its Ethereum-focused strategy by reaching about 94% of the target set to accumulate 5% of the cryptocurrency’s total supply. The progress came after the company acquired more than 27 thousand ETH in the last week, raising its reserves to approximately 5,7 million ETH, equivalent to 4,7% of the circulating supply.
In addition to the growth of its Ethereum position, the company announced its entry into the Russell 1000 index, a benchmark for large publicly traded companies in the United States. The inclusion tends to increase Bitmine’s exposure among institutional investors and funds that track the index.
The company’s balance sheet includes approximately US$ 9,8 billion in assets. In addition to the significant Ethereum reserve, Bitmine holds 206 BTC, about US$ 555 million in cash and highly liquid assets, a US$ 180 million investment in Beast Industries, and approximately US$ 74 million in shares of Eightco, a company that offers investors indirect exposure to OpenAI.
While expanding its Ethereum reserve, the company is also continuing to expand its institutional staking infrastructure through the MAVAN platform. Currently, about 4,9 million ETH are already allocated to staking, a volume that represents more than 85% of the company’s entire position.
According to management estimates, the current yield of the operation may generate approximately US$ 211 million in annualized revenue. If all the Ethereum is integrated into MAVAN and partner validators, this potential could reach about US$ 246 million per year.
Even with the recent correction in the cryptocurrency market, Bitmine’s management maintains an optimistic long-term view. For Thomas “Tom” Lee, the company’s chairman, the growing adoption of blockchain technology by financial institutions and the development of payment systems for artificial intelligence applications continue to support the company’s strategy.
“The last week was challenging for cryptocurrency investors, with ETH falling 8%, even as Ethereum posted notable positive developments, such as the creation of Ethlabs, and even the Bank of England softening its position on stablecoins. We are approaching the end of the June quarter, and it is not surprising to see ‘window dressing’ leading investors to reduce their holdings in assets that have fallen over the last 3 months,” he noted.