NEW YORK, May 24, 2026, 18:04 EDT
BitMine Immersion Technologies has secured a spot on the preliminary addition list for the Russell 3000 Index, as announced by FTSE Russell. The stock ended Friday's trading session at $18.88, marking a 3.7% decline and a weekly loss of approximately 5%.
U.S. equity markets will remain closed Monday for the Memorial Day holiday, with trading set to resume on Tuesday. Investors will then have the opportunity to react to the index inclusion news, which typically triggers passive fund rebalancing.
The Russell 3000 is a widely followed benchmark for U.S. stocks, with approximately $12.2 trillion in assets benchmarked or invested in Russell U.S. indexes, according to FTSE Russell. The annual reconstitution is one of the most significant trading events of the year.
BitMine's addition to the preliminary list comes amid heightened attention on the company's substantial cryptocurrency holdings. As of May 18, the company reported owning 5.28 million ether (ETH), 202 bitcoin, and $685 million in cash and other assets, bringing its total treasury value to $12.6 billion. Chairman Thomas "Tom" Lee noted the acquisition of 71,672 ETH over the past week.
The company has been active in staking, with 4.71 million ETH staked as of May 17, generating annualized staking revenues of $289 million, according to Lee. However, the stock's performance remains closely tied to ether's price, which was approximately $2,079 on Sunday, below the $2,191 level reported in the May 17 update. This gap could influence investor perception of the company's treasury value when markets reopen.
Among crypto-linked peers, performance was mixed on Friday. SharpLink Inc., also on the preliminary Russell 3000 additions list, fell about 4.0%. MARA Holdings gained 1.8%, while IREN slipped 2.1%.
FTSE Russell's preliminary list is the first step in the June reconstitution process. Updates are scheduled for May 29, June 5, June 12, and June 18, with the final indexes going live after the U.S. market close on June 26. Trading on the reconstituted indexes will commence on June 29.
FTSE Russell CEO Fiona Bassett stated that the move to semi-annual reconstitution aims to allow indexes to "more responsively reflect changing market dynamics." For BMNR, the focus now shifts to whether the preliminary inclusion will be confirmed in subsequent updates.
The outcome is uncertain: a decline in ether could offset any index-related buying, and the Russell lineup is not yet finalized. The risk is that passive buying may not materialize, and crypto weakness could exacerbate selling pressure. Traders will be watching the May 29 FTSE Russell update closely, as the stock's next move depends on administrative news rather than market sentiment, a dynamic that often leads to volatility.
