BitMine Immersion Technologies, a publicly traded firm specializing in holding Ethereum, increased its Ethereum holdings by acquiring 27,801 ETH worth $49 million last week. This purchase brings BitMine’s total stash to 5,770,038 ETH, representing nearly 4.8% of the token’s circulating supply, according to recent disclosures.
Major accumulation amid strong Ethereum demand
With Ethereum trading around $1,780 on Monday, BitMine’s current holdings are valued at approximately $10.1 billion. The company’s significant accumulation highlights sustained demand for Ethereum among institutional treasuries, even as wider cryptocurrency markets remain volatile.
BitMine Immersion Technologies focuses on actively managing digital asset reserves and is among the largest Ethereum treasury holders globally.
| Entity | Ethereum (ETH) Held | Estimated Value | % Circulating Supply |
|---|---|---|---|
| BitMine | 5,770,038 | $10.1 billion | 4.8% |
Shares of BitMine (BMNR) traded around $14.65 after the opening bell on Monday, reflecting a decline of more than 2.2% since trading began. Over the past week, BitMine shares dropped 5.7%, while Ethereum rose approximately 1.3% during the same period. However, Ethereum itself slipped about 2% in the last 24 hours.
Robinhood Chain’s impact on Ethereum
Tom Lee, chairman of BitMine, commented on Ethereum’s ecosystem enhancement, citing the successful launch of Robinhood Chain’s layer-2 mainnet. Lee said the Robinhood Chain, which went live on July 1 and operates as an Arbitrum-based layer-2 solution, has accelerated activity in decentralized finance. Robinhood, a mobile brokerage platform with millions of users, allows crypto trading and now features its own blockchain scaling solution.
“One of the biggest crypto success stories in 2026 is the breakaway success of the Robinhood Chain L2 mainnet,” Lee stated, noting that dollar volumes have already exceeded $1 billion and Robinhood Chain now surpasses other decentralized exchanges in terms of trading volume. Lee claimed that this demonstrates Ethereum’s robust product-market fit, as Robinhood Chain leverages Ethereum’s security and settlement infrastructure.
“Robinhood’s 27 million users are paying crypto fees denominated in ETH. In other words, everyday users are starting to see ETH as money,” said Tom Lee.
Robinhood Chain uses ETH as its native gas token and finalizes transactions on the Ethereum mainnet. According to Token Terminal data, Robinhood Chain hosts 788,000 active addresses to date, suggesting early traction among users. Some early traders on the blockchain have reportedly generated large paper profits, including a case where one individual turned $85 into over $2 million.
In the last week, decentralized exchange (DEX) volumes on Robinhood Chain surpassed $3 billion, based on DeFi Llama data. However, these figures still lag established networks like Solana and Ethereum, which saw $12.34 billion and $7.27 billion in DEX volume, respectively, over the same period.
Mini dictionary: Robinhood Chain: A layer-2 (L2) blockchain built on Arbitrum that scales the Robinhood trading ecosystem, supporting cheaper, faster transactions and using Ethereum as the settlement layer. Layer-2 solutions process transactions off the main blockchain before settling them on the base chain, improving scalability and user experience.
Strategy focuses on cash reserves, pauses Bitcoin buying
While BitMine pushed further into Ethereum, the digital asset company Strategy held off on additional Bitcoin purchases for the third week in a row. Instead, the firm raised $467 million last week by issuing common stock, increasing its cash holdings—referred to as USD Reserve—to $3 billion. No new Bitcoin acquisitions were reported during this period.
Shares of Strategy opened at $90.80 on Monday, representing a 4% decrease after the opening bell. Although no Bitcoin was added to the treasury, Strategy significantly strengthened its liquidity position compared to prior weeks.
The divergent approach taken by BitMine and Strategy reflects contrasting treasury management strategies across the digital asset industry, especially as volatile market conditions persist and competition within major networks intensifies.
