BitMine Buys $49M in Ethereum as Robinhood Chain Gains

BitMine Immersion Technologies purchased $49 million of ether last week, acquiring 27,801 ETH and increasing its total holdings to 5,770,038 ETH, roughly 4.8% of the token’s circulating supply.

The purchase took place as ETH traded near $1,780, valuing BitMine’s stash at about $10.1 billion on Monday. The company is a publicly traded firm that maintains an on-chain Ethereum treasury.

BitMine announced the buy after the July 1 mainnet launch of Robinhood Chain, an Ethereum layer-2 built on Arbitrum. BitMine’s chairman, Tom Lee, called Robinhood Chain “a breakaway success” and noted that “dollar volumes have exceeded $1 billion.” He added that the chain’s trading volume exceeds other decentralized exchanges and that many users are paying fees in ETH.

BitMine referenced data showing decentralized exchange trading on Robinhood Chain topped $3 billion in the past week. Over the same period the firm cited about $7.27 billion in DEX volume on Ethereum and about $12.34 billion on Solana. BitMine also pointed to roughly 788,000 active addresses on Robinhood Chain so far.

ETH’s market price fell about 2% in the past 24 hours and was up about 1.3% over the previous week. BitMine’s shares declined about 5.7% over the last five trading days and were trading near $14.65 shortly after the opening bell on Monday, down about 2.2% since the start of the day.

BitMine’s 5.77 million ETH position is among the largest holdings reported by publicly traded firms and represents approximately 4.8% of circulating ether.