Bitmine has purchased 60,000 Ethereum in just one day, pushing its total Ethereum holdings to over 5.3 million, accounting for approximately 4.3% of the circulating supply.
Analyst Tom Lee pointed out that if Bitmine successfully enters the Russell 1000 index, it could trigger inflows from passive funds and ETFs. According to Lee's analysis, these funds typically hold 20% to 25% of the market capitalization of a constituent stock, which would undoubtedly create new demand for the related stocks.
The restructuring of the index has caught the attention of analysts, as the forced buying behavior of passive tracking funds can drive stock prices up, even if the company's own news does not affect the stock price. For Bitmine, this mechanism directly links its equity capital inflow to its investment in Ethereum, deepening the connection between financial assets and stock prices.
Although BMNR stock has fallen over 32% year-to-date, related to the decline in Ethereum and overall market weakness, its stock price has still increased by over 162% in the past 12 months. This surge roughly began when the company started implementing its Ethereum strategy, establishing one of the largest corporate cryptocurrency holdings on record.