Tom Lee, Chairman of Bitmine Immersion Technologies, has fueled expectations for a stock rally by emphasizing the company’s potential inclusion in the Russell 1000 index as its latest reconstitution approaches. The updated list of companies entering and exiting the benchmark is scheduled for release on June 18, and Lee argues that membership could significantly boost demand for BMNR shares, as many institutional funds and asset managers are required to allocate capital only to firms in major indexes.
Lee’s comments come as Bitmine continues to solidify its status as one of the largest corporate holders of Ethereum. The company recently disclosed holdings of 4,718,677 ETH, valued at approximately $8.1 billion based on an ETH price of $1,718. This makes Bitmine the largest Ethereum treasury company globally and the second-largest crypto treasury after Strategy. Investors have been closely watching the stock’s performance, with BMNR shares trading near $16.54 on June 17, up about 2% after fluctuating between $16.03 and $16.70. The shares had previously closed at $16.21 after reaching an intraday high of $17.26 following the launch of Bitmine’s preferred stock.
Bitmine’s newly listed BMNP preferred shares, known as the 9.50% Series A Perpetual Preferred Stock, began trading on the New York Stock Exchange on June 16. The offering sold 3.5 million shares at $80 each, generating roughly $273.8 million in net proceeds. The proceeds will support additional ETH purchases, while staking rewards from the company’s Ethereum holdings are expected to fund dividend payments. Lee stated that projected annualized staking rewards of about $219 million provide recurring cash flow to support the 9.50% dividend rate, with weekly payments. BMNP shares climbed above their initial offering price, trading near $89 after fluctuating between $88 and $92 during early trading.
By combining a growing Ethereum treasury, staking income, and a new preferred stock structure, Bitmine has become one of the most closely watched crypto-linked equities. Lee believes that the upcoming Russell 1000 update could be the company’s next major catalyst, potentially attracting fresh institutional buying demand.