Bitmine Immersion Technologies has continued its aggressive Ethereum buying strategy, purchasing another 27,801 ETH and pushing its total holdings above 5.77 million ETH. At the same time, Bitmine Chairman Tom Lee highlighted Robinhood Chain as a major catalyst that could drive long-term Ethereum adoption by bringing millions of mainstream users onto the network.
Despite the company’s continued accumulation and expanding staking operations, Bitmine’s stock moved lower as investors remained cautious.
Bitmine increases Ethereum treasury
According to Bitmine’s latest press release, the company acquired 27,801 ETH over the past week, increasing its total Ethereum holdings to 5,770,038 ETH.
The company’s treasury now represents approximately 4.8% of Ethereum’s circulating supply, which currently stands at around 120.7 million ETH.
Tom Lee reaffirmed Bitmine’s goal of owning 5% of Ethereum’s total supply before the end of 2026, continuing one of the most aggressive corporate accumulation strategies in the crypto industry.
Ethereum staking continues to generate revenue
Bitmine is not simply holding its Ethereum reserves—it is actively staking most of its holdings.
The company revealed that 4,917,189 ETH are currently staked, generating an estimated $242 million in annualized staking rewards.
According to the latest filing, Bitmine’s average acquisition cost is $3,374 per ETH.
Although Ethereum currently trades well below that average purchase price, leaving the company with an estimated $9.2 billion unrealized loss, Bitmine has continued expanding its position instead of slowing purchases.
Earlier reports also showed the company buying 42,197 ETH between June 29 and July 3, reinforcing its long-term commitment to Ethereum.
Tom Lee sees Robinhood Chain as a major Ethereum catalyst
Alongside the treasury update, Tom Lee emphasized the growing importance of Robinhood Chain for Ethereum’s future.
According to Lee, Robinhood Chain strengthens Ethereum’s utility because the network uses ETH as its native gas token, with all transaction fees paid in Ethereum before final settlement occurs on the Ethereum blockchain.
Lee believes this gives millions of Robinhood users direct exposure to Ethereum, even if they are not actively investing in the cryptocurrency itself.
He noted that:
- ETH powers every transaction on Robinhood Chain.
- Transaction fees are paid in Ethereum.
- Final settlement takes place on the Ethereum network.
Lee argued that this gradually introduces everyday users to Ethereum as a functional digital asset rather than simply an investment.
Robinhood Chain records strong growth
Robinhood Chain has already shown impressive early adoption.
According to Lee, the network has processed more than $1 billion in dollar-denominated trading volume and now handles more trading activity than any decentralized exchange.
Separate market reports also indicate that Robinhood Chain recently reached approximately 7.6 million daily transactions, surpassing Coinbase’s Base network in daily activity.
The rapid growth has strengthened the case for Ethereum as the settlement layer supporting large-scale financial applications.
Investors remain cautious despite expansion
Despite Bitmine’s continued Ethereum accumulation and optimistic long-term outlook, investors reacted cautiously.
Shares of BMNR declined nearly 2.4%, trading around $14.61, according to Yahoo Finance.
The decline suggests that investors remain focused on broader market conditions and Ethereum’s current price weakness, rather than Bitmine’s long-term accumulation strategy.
Bitmine stays focused on its long-term Ethereum strategy
While short-term market sentiment remains mixed, Bitmine has shown no signs of slowing its Ethereum purchases.
The company continues moving closer to its goal of controlling 5% of Ethereum’s circulating supply, while staking most of its holdings to generate recurring income.
If Ethereum adoption continues expanding through initiatives like Robinhood Chain, Bitmine’s long-term strategy could become increasingly significant as institutional interest in Ethereum continues to grow.
