Bitmine acquired 27,084 ETH worth approximately $43 million during the past week, bringing its total Ethereum treasury to roughly 5.7 million ETH valued near $8.9 billion. The company paused Bitcoin purchases to concentrate firepower on Ethereum accumulation. Separately, Bitmine was added to the Russell 1000 index, broadening its institutional investor base.
A single corporate treasury now controls nearly 5% of Ethereum's entire circulating supply — a level of concentration that structurally tightens available supply on exchanges. Russell 1000 inclusion forces index-tracking funds to buy the stock, creating a new demand channel for a company whose core asset is ETH. Meanwhile, analyst Tom Lee's quarter-end window-dressing explanation for broader crypto weakness suggests the selloff may be technical rather than fundamental, which matters for timing re-entry.
Next Russell 1000 rebalancing effective date (typically late June): index funds must hold Bitmine shares by then. Watch for Bitmine's next weekly treasury update for confirmation of continued ETH buying. Monitor ETH spot price action in early July to test Tom Lee's window-dressing thesis — if crypto rebounds after quarter-end, it validates his read.
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