BitMine, led by Tom Lee, just pushed a huge chunk of its Ethereum treasury into staking—setting the stage for its upcoming Russell 1000 debut and drawing fresh attention to how public companies are managing giant crypto treasuries. What happened - On-chain tracker Lookonchain reported BitMine staked another 160,480 ETH (about $248.7 million), bringing the company’s total staked ETH to roughly 4.88 million tokens—about 86% of its entire Ethereum holdings (approximately $7.56 billion at current prices). - That increase follows BitMine’s June 22 holdings update, which showed the company held 5,672,956 ETH, 205 BTC, $601 million in cash and marketable securities, plus stakes in Beast Industries and Eightco Holdings—and reported no debt. Why it matters - BitMine’s timing coincides with BMNR’s scheduled inclusion in the Russell 1000 on June 26, part of FTSE Russell’s 2026 U.S. index reconstitution (the first year back to semi-annual rebalancing). Inclusion can prompt short-term trading from passive funds and managers that track Russell benchmarks, expanding the stock’s visibility—even if it doesn’t guarantee sustained buying. - The company already had staked 4,718,677 ETH as of June 21, and reports annualized staking revenue around $223 million. BitMine says fully staking its ETH could boost yearly rewards through its validator network and partners. CEO view and strategy - Chairman Tom Lee noted recent accumulation: “Over the past week, we acquired 52,203 ETH,” and described the market as still in an early “crypto spring.” BitMine continues to prioritize ETH accumulation for 2026 and has signaled an ambition to reach an “alchemy of 5%” of the Ethereum supply—having previously bought another $90 million in ETH that lifted its holdings to about 4.7% of supply. Market implications and risks - BitMine has become the largest public Ethereum treasury company. Its wallet and staking activity are closely tracked (Arkham’s entity page is a popular reference), which amplifies attention to both its growth and its exposure to ETH volatility. - Large treasury holders can reduce liquid supply—potentially supporting prices—but they also raise concentration risks if firms borrow against holdings, issue stock, or sell during downturns. BitMine’s BMNP dividend plan ties preferred-stock payments to its Ethereum treasury and staking operations, making staking yield a central element of its public-market structure rather than a side business. The near-term test - As of June 25, BMNR traded around $13.32 and ETH near $1,550. The key questions now are whether Russell 1000 inclusion can sustain equity demand amid ETH’s price swings, and whether staking income will adequately compensate for the risks of running one of the world’s largest public Ethereum treasuries. Read more AI-generated news on: undefined/news