Bitmine shares expected to rise following Russell 3000 index inclusion
Bitmine Immersion Technologies, which holds Ether in its treasury, has been included in the preliminary list of candidates for the Russell 3000 index. Company Chairman Tom Lee indicated that this step would provide a strong boost to the stock price. FTSE Russell, a subsidiary of the London Stock Exchange Group, released the updated list of the index, which tracks the 3,000 largest US companies, on Friday. This was reported by reported by.
On his X social media page, Tom Lee noted that with a market capitalization of $10.15 billion, Bitmine could even qualify for the Russell 1000 index. According to him, many active managers only purchase stocks within this index. It is also estimated that up to 25% of the shares of a company included in the index could be purchased by passive index funds or ETFs.
Bitmine's potential inclusion in the Russell 1000 index would place it alongside tech giants like NVIDIA, Microsoft, and Apple. This would trigger automatic purchases by passive funds and allow traditional investors indirect access to the crypto market through the company's Ether reserves. FTSE Russell will update the list throughout June, with final changes taking effect on June 26.
Currently, Bitmine holds 5.28 million Ether tokens, representing approximately 4.37% of the total Ethereum supply. The company's ultimate goal is to reach 5%. Although the price of Ether has fallen 57% from its all-time high, Tom Lee considers this decline a favorable opportunity for new purchases.
According to reports, Bitmine has staked a large portion of its crypto reserves, generating $289 million in annual revenue for the company. While Bitmine Immersion Technologies (BMNR) shares closed Friday's trading at $18.88, news of the inclusion in major indices is expected to boost investor confidence.
