BitMine Could Enter Russell 3000 Index With Ethereum Treasury

BitMine Immersion Technologies could enter the Russell 3000 Index despite massive Ethereum losses, while Michael Saylor now signals Strategy (formerly MicroStrategy) may sell some Bitcoin during 2026 to manage its obligations.

We break down both corporate moves and what they reveal about the evolving battle between Ethereum and Bitcoin treasuries.

BitMine’s Push Toward the Russell 3000 Index

The Russell 3000 Index tracks the 3,000 largest United States companies by market capitalization. BitMine Immersion Technologies, chaired by Fundstrat’s Tom Lee, appears on the FTSE Russell preliminary list for inclusion in June 2026.

On another hand, Russell 1000 component sets a minimum threshold near $5,7 billion in market cap. BitMine comfortably exceeds that level, raising expectations of significant passive inflows from index-tracking funds once the reconstitution is finalized.

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The company pivoted aggressively from Bitcoin mining toward building what it calls the world’s largest corporate Ethereum holding. According to CoinGecko data, BitMine now holds roughly 5,28 million ETH, equal to about 4.4% of the total Ethereum supply.

A large portion of those holdings sits staked through its MAVAN platform, generating meaningful annual yields. Lee continues to describe Ethereum as a wartime store of value and projects a long-term target near 12,000 dollars per ETH by year-end.

The strategy carries a steep short-term cost. BitMine currently sits on roughly $7,84 billion in unrealized losses, having bought ETH at an average price close to $3,500 across an $18,5 billion dollar investment.

The current valuation of its stash stands near $10,7 billion. These paper losses have weighed on quarterly results and sparked active debate about the risks of such concentrated exposure to a single digital asset.

Critics question doubling down during heavy drawdowns. Yet Lee and BitMine continue opportunistic purchases, treating volatility as a buying opportunity rather than a warning signal about Ethereum’s near-term outlook.

Why Michael Saylor Is Opening the Door to Bitcoin Sales?

Strategy, led by Michael Saylor, has built its identity around an uncompromising ‘never sell Bitcoin’ policy. That stance now appears slightly more flexible than at any previous point in the company’s accumulation history.

During a recent interview with Natalie Brunell, Saylor said it is not unlikely that MicroStrategy will sell some Bitcoin between now and the end of 2026. The goal would be to help manage financial obligations such as funding dividends on preferred shares.

“I think it’s not unlikely that we’ll sell some Bitcoin between now and the end of the year. […] We do it in a very thoughtful programmatic fashion where we’re running our multivariate models, and we’re literally running them,” Saylor said

The shift in tone matters because Strategy now holds over 840,000 BTC. Saylor framed any potential sales as minimal relative to holdings, and paired with continued buying within an optimized capital management model.

The contrast between the two firms feels striking. BitMine chases Russell inclusion and staking yields while sitting on heavy ETH losses, while Strategy leverages its Bitcoin fortress for capital innovation and opens the door to tactical sales.

Market participants will closely watch June’s final Russell reconstitution. Inclusion could bring new liquidity and clear institutional legitimacy to Ethereum-focused treasury plays across the broader corporate space.

For Bitcoin, Saylor’s comments add nuance to what had been an absolute accumulation narrative. Any actual sales would test the resilience of Bitcoin’s corporate holder base and influence sentiment around both MSTR shares and BTC.