BitMine Immersion Technologies has increased its treasury Ethereum holdings to 5.7 million ETH, representing about 4.7% of the circulating supply of 120.7 million coins.

Recent purchases and valuation

The company’s latest acquisition cost was $43 million, while the portfolio’s average purchase price stands at $1569 per coin. Total combined cryptocurrency and cash assets are valued at $9.8 billion.

Strategy and targets

BitMine has announced a strategic objective to increase its stake in Ethereum to 5% of the total supply, which would marginally raise its treasury exposure to the asset.

Market positioning and index inclusion

Concurrently, BitMine’s shares were added to the Russell 1000 index, which tracks the largest thousand U.S. public companies by market capitalization.

Inclusion in the index can attract institutional passive flows, given that up to 25% of constituent market capitalizations are commonly held by index funds.

Market context

The transaction occurred amid short-term market weakness: over the past week Ethereum fell roughly 8% and dipped below $1600, increasing near-term volatility for large treasury positions.