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BitMine Could Enter the Russell 3000 Index with an Ethereum Treasury

BitMine Immersion Technologies could be included in the Russell 3000 Index despite suffering significant losses from Ethereum, while Michael Saylor is now signaling that Strategy (formerly MicroStrategy) may sell some Bitcoin in 2026 to manage its obligations.

We will review both of these company moves and what their actions reveal about the ongoing, intensifying competition between an Ethereum treasury and Bitcoin.

BitMine’s Move Toward the Russell 3000 Index

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

Meanwhile, the Russell 1000 component sets a minimum threshold of roughly US$5.7 billion in market capitalization. BitMine comfortably exceeds that level, raising hopes for substantial passive inflows from index-tracking funds once the rebalancing is complete.

The company has made an aggressive pivot from Bitcoin mining to building what they call the world’s largest corporate Ethereum holdings. Based on CoinGecko data, BitMine now holds about 5.28 million ETH, equivalent to roughly 4.4% of Ethereum’s total supply.

A large portion of these holdings is staked through their MAVAN platform, generating substantial annual returns. Lee continues to describe Ethereum as a store of value in wartime and projects a long-term target in the range of US$12.000 per ETH by the end of the year.

This strategy carries significant short-term costs. BitMine is currently reporting around US$7.84 billion in unrealized losses, after buying ETH at an average price close to US$3,500 on investments totaling US$18.5 billion.

The current valuation of their holdings is around US$10.7 billion. These paper losses weigh on their quarterly financial statements and fuel active debate about the risks of having heavy exposure to a single digital asset.

Those who criticize the decision question why the company keeps adding to its holdings as the price drops sharply. But Lee and BitMine continue making opportunistic purchases, viewing volatility as an opportunity to buy rather than a warning sign about Ethereum’s short-term outlook.

Why Michael Saylor Is Opening the Door to Selling Bitcoin

Strategy, under the leadership of Michael Saylor, built its identity on a strict policy of “never selling Bitcoin.” That stance now appears to be a bit more flexible than in the company’s history of accumulation.

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

“I think it’s not impossible that we will sell some Bitcoin between now and the end of the year. […] We do it with a very programmed and planned approach, where we run a multivariate model, and we really execute it,” Saylor said.

This shift in tone matters because Strategy now holds more than 840,000 BTC. Saylor emphasizes that any potential sales would be minimal compared with the total holdings, and that move would be accompanied by further purchases within an already optimized capital management model.

The difference between the two companies is striking. BitMine focuses on getting listed on Russell and on staking results despite suffering large ETH losses, while Strategy leverages the strength of their Bitcoin treasury to drive capital innovation while also opening up options for tactical selling.

Market participants will closely watch the finalization process for Russell rebalancing in June. BitMine’s entry could bring new liquidity and clear institutional legitimacy for Ethereum-focused treasury strategies in a broader corporate landscape.

For Bitcoin, Saylor’s comments add nuance to an accumulation narrative that previously sounded absolute. If sales really do occur, it will test the resilience of the Bitcoin corporate holder community and could affect sentiment toward both MSTR shares and BTC.