Bitmine eyes Russell 1000 inclusion boost

• Bitmine Immersion Technologies could join the Russell 1000 index when the latest reconstitution update is released on June 18.
• Chairman Tom Lee said index inclusion could increase demand from institutional investors that track major benchmarks.
• The company continues expanding its Ethereum treasury, which now holds 4,718,677 ETH valued at approximately US$8.1 billion.

Bitmine Immersion Technologies is drawing investor attention ahead of the Russell 1000 reconstitution update as Chairman Tom Lee said the company could qualify for inclusion in the index.

The potential addition comes as Bitmine has built an Ethereum (CRYPTO:ETH) treasury of 4,718,677 ETH worth approximately US$8.1 billion based on an ETH price of US$1,718.

Lee said inclusion in the Russell 1000 could increase demand for BMNR shares because many institutional investors and funds allocate capital based on benchmark index membership.

Bitmine recently launched its 9.50% Series A Perpetual Preferred Stock, raising approximately US$273.8 million in net proceeds through the sale of 3.5 million shares at US$80 each.

The company said proceeds from the preferred stock offering will support additional Ethereum purchases, and following the announcement Bitmine shares were up approximately 2% at US$16.54.

Bitmine has stated that staking rewards generated from its Ethereum holdings are expected to help fund dividends on the preferred shares, which carry a 9.50% dividend rate and weekly payments.

The company has positioned itself as one of the largest corporate holders of Ethereum and remains one of the most closely watched crypto-linked equities ahead of the Russell 1000 update.

At the time of reporting, Ethereum price was $1,760.26.