Ethereum treasury firm Bitmine made another ETH purchase last week, with its holdings climbing above 5.7 million ETH. BMNR stock is up today amid the announcement of this latest purchase, which also comes as the firm joins the Russell 1000 index.
Bitmine Acquires 27,084 ETH as Holdings Top 5.7 Million ETH
In a press release, the firm announced that it acquired 27,084 ETH over the past week, maintaining a steady pace of accumulation throughout this year. Bitmine’s Chairman, Tom Lee, reiterated that they believe the market is in the early stages of a crypto spring and expect to reach the ‘alchemy of 5%’ sometime in 2026.
The company now holds just over 5.7 million ETH, which represent 4.7% of the ETH supply of 120.7 million ETH. Meanwhile, the Ethereum treasury firm has staked almost 4.9 million ETH, worth around $7.7 billion at current prices. The 4.9 million ETH represents 85% of the firm’s total holdings.
Tom Lee said they project annualized staking revenue of $211 million from their staked ETH. Their staking operations have generated a 7-day yield of 2.75% annualized. This development comes as the Ethereum treasury firm joins the Russell 1000.
As CoinGape reported, Bitmine joined the Russell 1000 last week as part of the annual reconstitution of the stock market index. Tom Lee noted that they expect to add hundreds, possibly thousands, of additional institutional investors as equity owners with this move.
Positive Developments Amid Market Downtrend
The Bitmine chairman noted that this past week was a challenging one for crypto investors as the Ethereum price fell by 8%. However, he pointed to the fact that ETH witnessed positive developments, such as the creation of Ethlabs, while the Bank of England softened its stance around stablecoins.
“We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months,” Lee said. Ethereum and the Bitmine stock have recovered today following last week’s downtrend.
ETH is approaching the psychological $1,600 level. Meanwhile, the BMNR stock is up almost 2% at the market open today, trading at around $14, according to TradingView data. However, the stock is still down over 15% in the last week.
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