Bitmine has expanded its Ethereum treasury by another 27,801 ETH, lifting its holdings above 5.77 million ETH, while Chairman Tom Lee has identified the Robinhood Chain as a fresh 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 catalyst driving real-world demand for ETH.
- Despite continued accumulation and staking growth, BMNR shares fell nearly 2%.
According to a press release from Bitmine, the company purchased 27,801 ETH over the past week, bringing its total holdings to 5,770,038 ETH, or about 4.8% of Ethereum’s circulating supply of roughly 120.7 million coins.
Tom Lee reiterated that the company still expects to own 5% of the total ETH supply before the end of the year, extending an accumulation strategy it has maintained throughout 2026.
Ethereum treasury continues to expand
Recent buying has kept Bitmine’s pace of accumulation intact. Just last week, blockchain intelligence platform Arkham Intelligence tracked another acquisition of 40,000 ETH, valued at roughly $70 million, through two wallet addresses linked to FalconX and Kraken hot wallets.
Although the company did not publicly confirm that purchase, it has consistently published weekly updates detailing additions to its Ethereum treasury.
Bitmine has also continued putting a large share of its holdings to work. The company disclosed that 4,917,189 ETH have now been staked, generating projected annualized staking revenue of approximately $242 million. The latest filing also shows that the firm’s Ethereum position carries an average acquisition price of $3,374 per coin.
Despite the continued buying, market data provider DropsTab estimates that Bitmine remains at an unrealized loss of roughly $9.2 billion based on current market prices.
Still, the company has not slowed its purchases, having previously acquired 42,197 ETH between June 29 and July 3, around the same period that Bitcoin treasury company Strategy sold more than $200 million worth of Bitcoin.
Robinhood Chain strengthens Ethereum’s utility case
Alongside the latest treasury update, Lee pointed to Robinhood Chain as an important development for Ethereum’s long-term value proposition. He argued that the network embeds Ethereum directly into user activity because ETH serves as the native gas token, transaction fees are paid in ETH, and final settlement occurs on the Ethereum blockchain.
“Robinhood Chain uses ETH as the native gas token. And transaction fees are denominated in ETH, and the finality is settled on Ethereum. Robinhood’s 27 million users are paying crypto fees denominated in ETH. In other words, everyday users are starting to see ETH as money.”
Lee added that Robinhood Chain has already surpassed $1 billion in dollar-denominated trading volume and now processes more trading volume than any decentralized exchange, which he described as evidence of strong product-market fit built around Ethereum.
Separate market reports recently noted that the network reached 7.6 million daily transactions, overtaking Base in daily activity.
While Bitmine continued increasing its Ethereum exposure, investors reacted cautiously to the latest announcement. Shares of the company’s stock, BMNR, traded around $14.61, down nearly 2.4% on the day, according to data from Yahoo Finance.
The decline came even as Bitmine reaffirmed its aggressive accumulation strategy and continued moving closer to its stated goal of controlling 5% of Ethereum’s circulating supply.