Bitmine has increased its Ethereum wallet by another 27,801 ETH, raising its holdings to over 5.77 million ETH, while Chairman Tom Lee identified Robinhood Chain as the new driver of Ethereum adoption.
Summary
- Bitmine bought another 27,801 ETH, increasing its holdings to 5.77 million Ethereum.
- Tom Lee called Robinhood Chain a new incentive to drive real-world demand for ETH.
- Despite continued accumulation and strong growth, BMNR shares are down about 2%.
According to a press release from Bitmine, the company bought 27,801 ETH last week, bringing its total holdings to 5,770,038 ETH, or about 4.8% of Ethereum’s circulating supply of about 120.7 million coins.
Tom Lee emphasized that the company still expects to own 5% of the total ETH before the end of the year, extending the accumulation strategy that ended in 2026.
The Ethereum treasury continues to grow
Recent purchases have kept Bitmine’s pace of accumulation intact. Just last week, blockchain intelligence platform Arkham Intelligence tracked another discovery of 40,000 ETH, with an estimated value of $70 million, through two wallet addresses linked to the FalconX and Kraken wallets.
While the company has not publicly confirmed the transaction, it has consistently published weekly updates detailing additions to its Ethereum treasury.
Bitmine also continued to put a large portion of its holdings to work. The company disclosed that 4,917,189 ETH are now staked, generating an annual revenue of approximately $242 million. The latest filing also shows that the company’s Ethereum position has an average acquisition value of $3,374 per coin.
Despite the continued buying, market data provider DropsTab estimates that Bitmine remains in unrealized losses of around $9.2 billion based on current market prices.
Nevertheless, the company did not reduce its purchases, as it previously received 42,197 ETH between June 29 and July 3, almost at the same time when the financial company Bitcoin Strategy sold more than 200 million Bitcoin.
Robinhood Chain reinforces the use case for Ethereum
Alongside the recent wealth revision, Lee identified the Robinhood Chain as a key development of Ethereum’s long-term value proposition. He pointed out that the network embeds Ethereum directly into user activity because ETH acts as a native gas token, transaction fees are paid in ETH, and final payments occur on the Ethereum blockchain.
“Robinhood Chain uses ETH as a native gas token. And transaction fees are deposited in ETH, and the end is settled in Ethereum. 27 million Robinhood users pay crypto currency deposited in ETH. In other words, everyday users start to see ETH as money.”
Lee added that Robinhood Chain has already exceeded $1 billion in dollar trading volume and is now processing trading volume more than any limited exchange, which he described as proof of the market suitability of a solid product built around Ethereum.
Various market reports recently noted that the network reached 7.6 million daily transactions, surpassing Base in daily transactions.
While Bitmine continues to increase its exposure to Ethereum, investors are reacting cautiously to the latest announcement. Shares of the company’s stock, BMNR, are trading at around $14.61, down about 2.4% on the day, according to data from Yahoo Finance.
The decline came even as Bitmine reaffirmed its aggressive fundraising strategy and continued to inch closer to its stated goal of controlling 5% of Ethereum in circulation.
