BitMine Immersion Technologies has landed on FTSE Russell's preliminary list for inclusion in the Russell 1000, a milestone for the crypto mining firm that now holds over $10.7 billion in Ethereum — and $7.84 billion in unrealized losses on that bet. The inclusion, contingent on a market capitalization exceeding the $5.7 billion threshold for large-cap status, puts BitMine among the largest publicly traded crypto holders alongside Strategy (formerly MicroStrategy), whose chairman Michael Saylor this week indicated potential Bitcoin sales to manage financial obligations.
The Russell 1000 threshold
FTSE Russell's preliminary list, published this week, marks BitMine as a candidate for the blue-chip index. The final reconstitution happens in June. If BitMine makes the cut, it'll join a benchmark tracked by billions in passive funds — a liquidity boost for a stock that trades heavily on crypto sentiment. But the inclusion also means more scrutiny on the firm's balance sheet, which is dominated by a single asset: Ether.
BitMine's Ethereum position
BitMine holds about 5.28 million ETH, roughly 4.4% of the entire Ethereum supply. Its average purchase price sits at $3,500 per coin. With ETH trading well below that level, the stack is underwater by $7.84 billion on paper. The current valuation of the stash lands near $10.7 billion. To offset some of that drag, BitMine generates annual yields by staking its Ethereum via the MAVAN platform. That income helps, but it doesn't erase the mark-to-market hole.
Saylor's sale signals
Across the aisle, Strategy's Michael Saylor said this week the firm could sell some of its 840,000 Bitcoin before the end of 2026. The goal: fund dividends on preferred shares and manage other obligations. Saylor stressed any sales would be done 'in a very thoughtful programmatic fashion' using multivariate models — not a fire sale. Still, the admission marks a shift for a company that has long been a Bitcoin accumulation machine.
Tom Lee's $12,000 call
Fundstrat's Tom Lee, a longtime crypto bull, reiterated a long-term Ethereum price target of $12,000 by year-end, describing the asset as a 'wartime store of value.' If Lee's forecast materializes, BitMine's position would swing from underwater to a multi-billion-dollar profit. But that's a big if — and the Russell 1000 inclusion doesn't depend on it.
The final Russell 1000 list is due next month. Saylor said any Bitcoin sales would be 'thoughtful' and driven by multivariate models. For now, both firms are playing the long game — but the math is getting tighter.
