Bitmine lifts Ether holdings to 5.7M

• Bitmine Immersion Technologies increased its Ether holdings to more than 5.7 million ETH after buying US$43 million worth of tokens last week.
• The company now holds 4.7% of Ether's circulating supply and joined the Russell 1000 Index, expanding its exposure to institutional investors.
• Bitmine said it remains focused on reaching its goal of owning 5% of Ether's total supply despite recent market weakness.

Bitmine Immersion Technologies purchased more than 27,000 Ether (CRYPTO:ETH) worth about US$43 million last week, lifting its holdings to more than 5.7 million ETH and increasing its share of Ether's 120.7 million token supply to 4.7%.

The latest purchase came as Bitmine joined the Russell 1000 Index, which tracks the largest 1,000 listed US companies and is widely followed by mutual funds, exchange-traded funds and pension funds.

“Being added to the Russell 1000 is expected to add hundreds and possibly thousands of additional institutional investors as equity owners of Bitmine," said Bitmine Chairman Tom Lee.

Bitmine said it acquired its Ether holdings at an average purchase price of US$1,569 per token and remains focused on its stated goal of accumulating 5% of Ether's circulating supply, while Lee noted Ethereum continued to record positive industry developments despite recent price weakness.

Following the announcement, Bitmine Immersion Technologies shares rose 1.7% to US$13.80, although the stock remained 9% lower over the previous trading week alongside Ether.

Lee said Ether declined about 8% during the past week, attributing some of the selling to quarter-end portfolio adjustments, while also pointing to developments including the launch of Ethlabs and a softer stance on stablecoins from the Bank of England.

Bitmine remains the largest publicly listed corporate holder of Ether, while SharpLink Gaming, Forward Industries, Gemini and Galaxy Digital were also added to the Russell 3000 Index, expanding institutional exposure to digital asset-related companies.

At the time of reporting, Ethereum price was $1,586.37.