BitMine has added another $49 million worth of Ethereum, bringing its total holdings to 5,770,038 ETH. With Ether trading near $1,780 on Monday, that stack was valued at roughly $10.1 billion, equal to about 4.8% of the circulating supply. The size of the position points to continued institutional treasury demand for Ethereum even as broader crypto markets remain volatile.
BitMine Immersion Technologies focuses on actively managing digital asset reserves and, based on the figures in the report, ranks among the largest Ethereum treasury holders globally. Its stock traded around $14.65 after the opening bell on Monday, down more than 2.2% from the start of trading. Over the past week, BitMine shares fell 5.7%, while Ethereum gained about 1.3% in the same period before slipping roughly 2% over the last 24 hours.
Tom Lee points to Robinhood Chain as an Ethereum growth driver
BitMine chairman Tom Lee linked Ethereum’s ecosystem momentum to the launch of Robinhood Chain’s layer-2 mainnet. The network went live on July 1 and runs as an Arbitrum-based L2. Lee said the launch has accelerated decentralized finance activity. Robinhood, a mobile brokerage platform with millions of users, already supports crypto trading and now has its own blockchain scaling solution.
Lee described Robinhood Chain’s L2 mainnet as one of crypto’s biggest success stories of 2026. He said dollar-denominated volumes have already moved past $1 billion and claimed Robinhood Chain now exceeds other decentralized exchanges in trading volume. In his view, that reflects Ethereum’s product-market fit because the network relies on Ethereum for security and settlement.
He also said Robinhood’s 27 million users are paying crypto fees denominated in ETH, which he argued shows everyday users are beginning to view ETH as money. Robinhood Chain uses ETH as its native gas token and settles transactions on Ethereum mainnet. Token Terminal data cited in the report shows the chain has reached 788,000 active addresses so far, an early sign of traction. The article also mentioned large paper gains by some early traders, including one case in which $85 reportedly grew to more than $2 million.
DEX volume is growing, but major networks are still ahead
According to DeFi Llama data, decentralized exchange volume on Robinhood Chain topped $3 billion over the last week. That is meaningful, but still behind established networks. During the same period, Solana recorded $12.34 billion in DEX volume and Ethereum logged $7.27 billion. The comparison suggests Robinhood Chain has gained an initial user base, though it remains smaller than the leading trading venues in the sector.
Strategy keeps cash on hand and pauses Bitcoin buying again
While BitMine kept expanding its Ethereum treasury, digital asset firm Strategy went a third straight week without reporting additional Bitcoin purchases. The report said the company raised $467 million last week through common stock issuance and increased its cash position, referred to as its USD Reserve, to $3 billion. No new Bitcoin acquisitions were disclosed for the period.
Strategy shares opened at $90.80 on Monday, down 4% after the opening bell. Even without adding Bitcoin, the company materially improved its liquidity position compared with prior weeks. The contrast between BitMine and Strategy shows how treasury management is diverging across digital asset firms as market volatility and competition across major blockchain networks continue.