Tom Lee Says Bitmine Could Be Included on Russell 1000 Index
Tech Tom Lee Says Bitmine Could Be Included on Russell 1000 Index Ether treasury company Bitmine Immersion Technologies has been included in a preliminary list for potential inclusion in the Russell 3000 index, a move that chairman Tom Lee hinted could provide tailwinds for the companys stock. FTSE Russell, a subsidiary of the London Stock Exchange Group, published a preliminary index inclusion list for the Russell 3000 on Friday, its index tracking the 3,000 largest companies in the US. Lee said in an X post Saturday that Bitmine could be included in the Russell 1000, an index tracking the largest 1,000 US companies, due to the index‘s minimum market capitalization threshold of $5.7 billion. Bitmine’s market cap was $10.15 billion as of market close on Friday. Lee said that “many active managers only buy equities on the Russell 1000,” adding that it is estimated that up to 25% of the market cap of a stock included in the index is held by passive index funds or exchange-traded funds. Bitmines inclusion in the Russell 1000 would place it in the same index as major US large-cap equities, including tech giants Nvidia Corporation, Microsoft, and Apple and could trigger automatic buying by passive funds, providing traditional investors with