Tom Lee’s BitMine stakes 86% of ETH pile before Russell entry

BitMine has staked another 160,480 ETH worth about $248.7m, according to on-chain tracker Lookonchain. 

The move raised the company’s total staked ETH to about 4.88m tokens, or roughly 86% of its total Ethereum holdings.

The latest staking move came days after BitMine released its June 22 holdings update. The company said it held 5,672,956 ETH, 205 BTC, $601m in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings. It also reported no debt.

Russell 1000 entry adds market attention

BitMine said BMNR is set to join the Russell 1000 on June 26, when the latest index changes take effect after the market close. FTSE Russell’s 2026 U.S. index reconstitution also makes 2026 the first year of a return to semi-annual Russell rebalancing.

The index move matters because many passive funds and large managers track Russell benchmarks. That can increase trading activity around new additions. It does not guarantee long-term buying pressure, but it can place BMNR in front of a wider investor base.

As previously reported, BitMine’s Russell 1000 setup had already drawn attention because of the company’s large Ethereum balance sheet. The stock also carries crypto market risk because much of the company’s value depends on ETH prices.

Staking income supports treasury model

BitMine said its staked ETH stood at 4,718,677 tokens as of June 21 before Lookonchain’s latest update. The company reported annualized staking revenue of about $223m and said fully staked ETH could produce higher yearly rewards through its validator network and partners.

He also said BitMine remains in what he called the early stages of “crypto spring.” Those comments show the company still sees ETH accumulation as its main strategy for 2026.

As crypto.news reported, BitMine bought another $90m in ETH earlier this week, lifting its holdings to about 4.7% of Ethereum supply. The company has said it wants to reach the “alchemy of 5%” target during 2026.

Ethereum concentration remains in focus

BitMine’s scale has made it the largest public Ethereum treasury company. Its Arkham entity page has become a reference point for users tracking the company’s wallet activity and staking moves. That visibility brings attention to both its treasury growth and its exposure to ETH volatility.

Previously, crypto.news explored what could happen if treasury firms corner more ETH supply. The main debate is simple. Large treasury holders can reduce liquid supply, but they also create concentration risk if they borrow, issue stock, or sell into weak markets.

In a previous article, crypto.news discussed BitMine’s BMNP dividend plan, which linked preferred stock payments to the company’s Ethereum treasury and staking operations. That makes staking yield more than a side income stream. It now sits near the center of BitMine’s public-market structure.

BMNR traded at $13.32 on June 25, while ETH traded near $1,550. The next test for BitMine is whether Russell 1000 inclusion can support equity demand while ETH remains volatile. Investors will also watch whether staking income can keep pace with the risks of holding one of the world’s largest Ethereum treasuries.