BitMine joins Russell 1000 with 5.67 million Ethereum in treasury

BitMine, the world’s largest Ethereum treasury company, will be added to the Russell 1000 Index on 26 June. The company maintains an impressive balance sheet: as of 22 June, it holds 5.673 million Ethereum, has no debt and generates an annual staking yield of $233 million.

Ethereum is available at OKX and Bybit.

Strong financial position without debt

Alongside its enormous ETH reserves, BitMine holds $601 million in cash and marketable securities, plus $350 million in preferred shares (BMNP). Notably, the company operates completely debt-free, setting it apart from many other firms in the crypto sector that use leverage financing.

The inclusion in the Russell 1000 is a significant milestone for the company. This index comprises the 1,000 largest publicly listed companies in the United States and attracts institutional investors who follow passive index funds. The addition automatically means that more institutional capital will flow towards the BMNR share.

4.88 million ETH staked for $7.56 billion

According to data from Lookonchain, BitMine is staking another 160,480 ETH worth approximately $248.7 million. This brings the total staked ETH to 4.88 million, representing about $7.56 billion. That is as much as 86% of the company’s total ETH holdings.

The Ethereum price currently stands at $1.550. a decline of 5.3% in the past 24 hours. Yet BitMine is not deterred by this and continues to actively accumulate and stake ETH. The strategy appears inspired by the MicroStrategy model for Bitcoin, but focused entirely on Ethereum as a reserve asset. Earlier, it was seen that ETF flows for Ethereum were negative, but BitMine pays little attention to that and is fully committed to the long term.