Summary
- BitMine has purchased $49 million in Ethereum recently, increasing its holdings to nearly 4.8% of the circulating supply of the token.
- Chairman Tom Lee noted that Ethereum has demonstrated its market fit following the successful launch of Robinhood's layer-2 network, Robinhood Chain.
- With Ethereum trading around $1,780, BitMine's total ETH holdings are now valued at over $10.1 billion.
BitMine Immersion Technologies, a publicly traded firm focused on Ethereum, has added 27,801 ETH worth $49 million to its portfolio in the past week.
The company now possesses 5,770,038 ETH, which accounts for nearly 4.8% of the total circulating supply, with a current value exceeding $10.1 billion as Ethereum is priced at approximately $1,780 on Monday.
Tom Lee, chairman of BitMine, attributes this latest acquisition to a strong performance by the Ethereum network, particularly highlighting the successful launch of Robinhood’s Ethereum layer-2 network, known as Robinhood Chain. (Note: Tom Lee is an investor in Dastan, the parent company of Decrypt.)
“One of the standout stories in crypto for 2026 is the remarkable success of the Robinhood Chain L2 mainnet, which launched on July 1 and is built on Arbitrum,” Lee stated.
He further mentioned, “Dollar volumes have already surpassed $1 billion, and Robinhood Chain is now outpacing any other decentralized exchange (DEX) in trading volume, showcasing Ethereum's exceptional utility and market fit.”
In the past week, DEX volumes on Robinhood Chain have exceeded $3 billion according to data from DeFi Llama, although it still falls short compared to more established networks like Ethereum and Solana, which reported DEX volumes of $7.27 billion and $12.34 billion, respectively, during the same timeframe.
Robinhood Chain, which operates on Ethereum and utilizes ETH as its native gas token, has experienced early success, resulting in significant profits for some early meme coin traders on the platform—one trader reportedly turned $85 into over $2 million in gains.
“Robinhood's 27 million users are incurring crypto fees in ETH,” Lee explained. “This indicates that everyday users are beginning to perceive ETH as a form of currency,” he added.
Despite the large user base of the mobile brokerage, Token Terminal's data indicates there are only about 788,000 active addresses on Robinhood Chain to date.
In spite of this activity, ETH has seen a decline of approximately 2% in the last 24 hours and has managed a modest gain of about 1.3% over the last week. In contrast, BitMine's shares (BMNR) have dropped 5.7% in the same five-day period.
On Monday morning, BitMine's shares were trading at around $14.65, reflecting a decrease of over 2.2% since the start of trading.