Bitmine Immersion Technologies Eyes Russell 3000 Inclusion
- Bitmine Immersion Technologies has been listed for potential inclusion in the Russell 3000 index.
- Chairman Tom Lee indicated that inclusion could boost the company’s stock, which currently has a market cap of $10.15 billion.
- The Russell index includes the largest U.S. companies, with updates scheduled for June, and new indexes effective after June 26.
- As of last week, Bitmine held approximately 5.28 million Ether, about 4.37% of Ethereum’s total supply.
- Ether is down over 57% from its all-time high of $4,946, contributing to Bitmine’s estimated $7.3 billion in paper losses.
Bitmine’s potential inclusion in the Russell indexes could lead to increased demand from passive funds, significantly impacting its stock performance and providing indirect exposure to its Ether holdings.
Currently down over **30% year-to-date**, Bitmine aims to increase its Ether stash to over **6 million tokens** as it navigates market challenges.(Source)
