Tom Lee lights a potential fuse under Bitmine’s stock, pointing to a possible Russell 1000 boost that could drive new institutional demand.
Lee flagged Bitmine Immersion Technologies as a candidate for inclusion in the Russell 1000 when the index’s reconstitution list is published on June 18. If added, the company could attract buying from funds and asset managers that must allocate to index constituents — a common structural driver that often lifts share prices following index inclusions.
That potential catalyst comes as Bitmine has quietly built one of the largest corporate Ethereum treasuries in the market. The company recently disclosed holdings of 4,718,677 ETH — roughly $8.1 billion at an ETH price of $1,718 — making it the largest Ethereum treasury company globally and the second-largest crypto treasury overall behind Strategy.
Market action has reflected growing investor attention. BMNR stock has stayed volatile but held above a key support zone near $16. On June 17 the shares traded around $16.54, up about 2% on the session after ranging between $16.03 and $16.70. Earlier, the stock ran to an intraday high of $17.26 following the launch of Bitmine’s preferred stock and closed at $16.21.
The new preferred shares, ticker BMNP, began trading on the NYSE on June 16. The security — the 9.50% Series A Perpetual Preferred Stock — was issued after Bitmine sold 3.5 million shares at $80 each on June 10, raising roughly $273.8 million in net proceeds. Bitmine has explicitly tied the offering to its ETH strategy: proceeds will support additional ETH purchases and staking rewards from the treasury are expected to help fund preferred-share dividends.
Lee highlighted the preferred structure’s cash-flow angle, noting projected annualized staking rewards of about $219 million that could provide recurring cash to back dividend payments. The preferred shares pay a 9.50% dividend, distributed weekly. After listing, BMNP traded above its offering price, changing hands near $89 at one point and fluctuating roughly between $88 and $92 in early trading.
Between a swelling ETH balance, staking-derived income, and a dedicated preferred-stock vehicle, Bitmine has become one of the most watched crypto-linked equities — especially with the June 18 Russell 1000 reconstitution looming. If Lee’s Russell inclusion call proves correct, passive and benchmarked funds could add a fresh layer of demand for BMNR shares.
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