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- BitMine added $49 million worth of Ethereum last week, bringing its total holdings to approximately 4.8% of the token supply in circulation.
- ETH has demonstrated its product-market fit thanks to the success of Robinhood’s second-tier network, Robinhood Chain, said Chairman Tom Lee.
- BitMine’s stock is now worth over $10.1 billion, with ETH trading at around $1,780.
Publicly traded Ethereum BitMine treasury firm Immersion Technologies added another $49 million worth of ETH to its stash last week, grabbing 27,801 ETH.
The company now holds 5,770,038 ETH, roughly 4.8% of the token’s circulating supply, which is worth about $10.1 billion as Ethereum traded at about $1,780 on Monday.
BitMine’s latest purchase comes amid a strong week for the Ethereum core network, according to its president Tom Lee, who noted Robinhood’s Ethereum’s strong overall debut. Layer 2 network, Robin Hood series. (Disclaimer: Tom Lee is an investor in Dastan, the parent company of… decryption).
“One of the biggest cryptocurrency success stories of 2026 is the spinoff success of the Robinhood Chain L2 mainnet on July 1, built on… resolution“He told me in a statement.
“Dollar volumes have already exceeded $1 billion, and Robinhood Chain now has more trading volume than any other decentralized exchange (DEX), demonstrating the distinct utility and product market fit of Ethereum, the underlying chain,” he added.
Last week, on-chain trading volumes exceeded $3 billion According to DeFi Llama data, But it still lags behind more established networks like Ethereum and Solana, which recorded live trading volume of $7.27 billion and $12.34 billion during the same time period, respectively.
The Robinhood chain, which terminates on Ethereum and uses ETH as its native gas token, has boomed early on, creating small fortunes for some. The first coin traders on the blockchain– Like one person who turned $85 into over $2 million in paper winnings.
“Robinhood’s 27 million users pay crypto fees denominated in ETH,” Lee said. “In other words, ordinary users are starting to view ETH as money,” he added.
While mobile brokerage may boast millions of users, Data collected by Token Terminal It indicates only 788,000 active addresses on Robinhood Chain so far.
Despite the activity, ETH is down nearly 2% in the past 24 hours and is up just 1.3% in the last week of trading. This represents a significant outperformance for shares in BitMine (BMNR), which are down 5.7% in the past five trading days.
BitMine shares are trading at about $14.65 shortly after the opening bell on Monday, down more than 2.2% since the start of trading.
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