BitMine Buys $49 Million in Ethereum as Tom Lee Hails Early Robinhood Chain Demand

Publicly traded Ethereum treasury steadfast BitMine Immersion Technologies added different $49 cardinal worthy of ETH to its stash past week, acquiring 27,801 ETH. 

The steadfast present holds 5,770,038 ETH, astir 4.8% of the token's circulating supply, valued astir $10.1 cardinal arsenic Ethereum trades astir $1,780 connected Monday. 

BitMine's latest acquisition comes amid a beardown week for the underlying Ethereum network, according to its president Tom Lee, who pointed to the beardown nationalist debut for Robinhood's Ethereum layer-2 network, Robinhood Chain. (Disclaimer: Tom Lee is an capitalist successful Dastan, the genitor institution of Decrypt). 

"One of the biggest crypto occurrence stories successful 2026 is the breakaway occurrence of the Robinhood Chain L2 mainnet connected July 1, built connected Arbitrum," said Lee successful a statement.

"Already, dollar volumes person exceeded $1 billion, and Robinhood Chain present has much trading measurement than immoderate different decentralized speech (DEX), demonstrating the outstanding inferior and merchandise marketplace acceptable for Ethereum, which is the underlying chain," helium added. 

DEX volumes connected the concatenation successful the past week person surpassed $3 cardinal according to information from DeFi Llama, but it inactive trails much established networks similar Ethereum and Solana, which person registered $7.27 cardinal and $12.34 cardinal worthy of DEX measurement implicit the aforesaid clip period, respectively. 

Robinhood Chain, which finalizes connected Ethereum and uses ETH arsenic its autochthonal state token, has blossomed successful the aboriginal going, creating tiny fortunes for immoderate aboriginal meme coin traders connected the blockchain—like 1 idiosyncratic who turned $85 into much than $2 cardinal successful insubstantial gains.

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"Robinhood's 27 cardinal users are paying crypto fees denominated successful ETH," said Lee. "In different words, mundane users are starting to spot ETH arsenic money," helium added. 

While the mobile brokerage whitethorn boast millions of users, information gathered by Token Terminal points to conscionable 788,000 progressive addresses connected Robinhood Chain frankincense far. 

Despite the activity, ETH has dropped astir 2% successful the past 24 hours and has lone gained astir 1.3% successful the past week of trading. That marks important outperformance of shares successful BitMine (BMNR), though, which person dipped 5.7% successful the past 5 trading days. 

BitMine shares are trading astir $14.65 soon aft the opening doorbell connected Monday, down much than 2.2% since trading began.