Ethereum · BitMine Immersion Technologies · Strategy · Bitcoin · CryptoSlate
BitMine’s $126 million Ethereum buy sets up a Russell index test tied to $12.2 trillion in assets
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The firm’s 60,000 ETH purchase adds to a balance sheet strategy that could soon sit inside major equity benchmarks.
Key facts
- BitMine bought an additional 60,000 ETH worth about $126 million as Ethereum traded near $2,000, extending one of the largest corporate accumulation strategies tied to the second-largest digital asset
- Approximately $12.2 trillion in assets are benchmarked against the Russell US Indexes, with roughly 16% using the Russell 2000 as their reference point
- SharpLink CEO Joseph Chalom said the company is expected to join the Russell 2000 and Russell 3000 indexes on June 29, calling the move an important milestone because of the capital tied
- The Russell 3000 tracks about 3,000 of the largest US companies and represents nearly the entire investable US equity market
Summary
BitMine bought an additional 60,000 ETH worth about $126 million as Ethereum traded near $2,000, extending one of the largest corporate accumulation strategies tied to the second-largest digital asset. The purchase came as the firm was named to the preliminary list for the Russell 1000 Index, positioning the crypto holder to capture a slice of the $12.2 trillion in assets benchmarked against Russell US Indexes. On May 23, blockchain analyst EmberCN reported BitMine's latest ETH purchase was executed through BitGo and Kraken. The purchase lifted BitMine’s Ethereum holdings to more than 5.2 million ETH, valued at roughly $11.1 billion at current market prices.