Bitmine Buys 60,000 ETH As Treasury Climbs Past 5.3M Tokens

Bitmine added 60,000 Ether(ETH) over the past day, lifting its treasury above 5.3 million tokens as chairman Tom Lee signaled a possible Russell 1000 entry.

Bitmine Buys 60,000 ETH In One Day

The accumulation surfaced through on-chain trackers before the company confirmed any figures. Analytics platform Onchain Lensflagged a wallet tied to the treasury firm withdrawing the tokens, worth about $126 million, from custodian BitGo and the exchange Kraken.

Lookonchain separately reported the same amount moving into two newly created addresses.

The purchase pushes Bitmine's stack past 5.33 million ETH, or more than 4.3% of the circulating supply.

That edges the company nearer to its stated target of 5%, a milestone Lee has called the "alchemy of 5%" and expects to reach in 2026. The buy follows a $154 million acquisition the firm disclosed earlier in the week.

Bitmine has staked more than 4.7 million of its tokens, a position worth above $10 billion that now generates roughly $289 million in annualized revenue.

Also Read:Ethereum Needs A $1B Rescue Fund, Former Researcher Argues

Tom Lee Eyes Russell 1000 Index Entry

Lee said Bitmine appeared on FTSE Russell's preliminary list of additions to the large-cap Russell 1000, citing BMNR's market value above the $5.7 billion threshold for inclusion. He framed the prospect as a tailwind, noting that many active managers buy only stocks inside that index.

Passive funds and ETFs typically hold 20% to 25% of a constituent's market capitalization, Lee wrote, which could steer fresh demand toward the shares.

Analysts watch index reshuffles closely because forced buying from trackers can lift a stock regardless of company news.

For Bitmine, that mechanism would tie equity inflows directly to its Ethereum bet, deepening the link between the treasury and the share price.

The company treats recent weakness below $2,200 as an opening rather than a warning, which helps explain the steady purchases at lower prices.

BMNR stock has fallen more than 32% so far this year, tracking Ether's slide and a softer broader market. Even so, the shares remain up over 162% across the past 12 months, a stretch that began roughly when the firm adopted its Ethereum strategy and started building one of the largest corporate crypto holdings on record.

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