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▲ Ethereum (ETH), cryptocurrency decline/AI generated image
BitMine Immersion Technologies is increasing its chances of being included in the Russell 3000 index despite massive unrealized losses on Ethereum (ETH). Simultaneously, MicroStrategy, led by Michael Saylor, opened up the possibility of selling some Bitcoin (BTC) in 2026, revealing a difference in corporate cryptocurrency financial strategies.
BeInCrypto reported on May 23 (local time) that BitMine was added to FTSE Russell's preliminary list, raising the possibility of its inclusion in the Russell 1000 and Russell 3000 indices in June 2026. The Russell 3000 index tracks the top 3,000 US-listed companies by market capitalization. The criteria for inclusion in the Russell 1000 was set at a market capitalization of approximately $5.7 billion, and BitMine exceeded this criterion, raising expectations for an inflow of index-tracking funds.
BitMine shifted its focus from a Bitcoin mining-centric business to a strategy of holding the world's largest corporate Ethereum reserves. BitMine, chaired by Tom Lee of Fundstrat, currently holds approximately 5.28 million ETH, which accounts for about 4.4% of the total Ethereum supply. A significant portion of its holdings is staked through the MAVAN platform, generating annual returns.
However, the aggressive Ethereum buying strategy increased short-term costs. BitMine's average purchase price for its $18.5 billion investment reached approximately $3,500, and it currently holds about $7.84 billion in unrealized losses. The current value of its holdings is estimated at approximately $10.7 billion. Such valuation losses put a strain on quarterly performance and fueled debate surrounding the risk of concentrated exposure to a single digital asset.
Some critics questioned BitMine's strategy of continuing to buy even during significant downturns. In contrast, Tom Lee and BitMine view volatility not as a short-term warning sign but as a buying opportunity. Lee described Ethereum as a store of value for the exhibition and also presented a long-term target of $12,000 per ETH by the end of the year.
On the other hand, MicroStrategy shifted from its previous absolute Bitcoin holding principle to a somewhat more flexible stance. Saylor stated in an interview with Natalie Brunell that there is a non-insignificant possibility of selling some Bitcoin by the end of 2026. This is for the purpose of managing financial obligations, such as funds for preferred stock dividends.
Saylor said, “I think there is a non-insignificant possibility of selling some Bitcoin by the end of this year. We actually run multivariate models and proceed in a very careful and systematic way.” MicroStrategy currently holds over 840,000 BTC, and Saylor explained that the potential sale amount is small compared to its total holdings and can proceed alongside additional purchases within an optimized capital management model.
BitMine is aiming for its Ethereum financial strategy to enter mainstream institutional acceptance, leveraging Russell index inclusion and staking yields. MicroStrategy is adjusting its capital management approach by utilizing its Bitcoin holdings. The final results of the Russell index rebalancing in June have become a key variable in determining whether an Ethereum-centric corporate financial strategy can attract institutional investor liquidity and trust.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. This content should be interpreted for informational purposes only.*
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