BitMine adds $49 million in ETH as Tom Lee points to early Robinhood Chain activity

News Editor

2026-07-13 15:22:10

BitMine Immersion Technologies, a publicly traded Ethereum treasury company, said it bought another 27,801 ETH last week, a purchase valued at about $49 million. The latest buy lifted the company’s holdings to 5,770,038 ETH, which it said equals nearly 4.8% of Ethereum’s circulating supply and was worth roughly $10.1 billion with ETH trading near $1,780 on Monday. Chairman Tom Lee tied the purchase to what he described as a strong week for Ethereum’s underlying network, citing the early launch performance of Robinhood Chain, Robinhood’s Ethereum layer-2 network built on Arbitrum. Lee said dollar trading volume had already topped $1 billion and argued the activity showed Ethereum’s utility and product-market fit. DeFi Llama data cited in the report showed DEX volume on Robinhood Chain exceeded $3 billion over the last week, still behind Ethereum’s $7.27 billion and Solana’s $12.34 billion over the same period. Lee also said Robinhood’s 27 million users are paying crypto fees denominated in ETH, while Token Terminal data showed 788,000 active addresses on Robinhood Chain so far. Market performance was weaker: ETH fell about 2% over the last 24 hours and was up roughly 1.3% over the last week, while BitMine shares dropped 5.7% in the last five trading days and traded near $14.65 shortly after Monday’s open, down more than 2.2% since trading began.

BitMineEthereumETHTom LeeRobinhood ChainArbitrumDeFi LlamaBMNR

BitMine bought 27,801 ETH last week

BitMine Immersion Technologies, the publicly traded Ethereum treasury firm, added another 27,801 ETH to its holdings last week in a purchase worth about $49 million.

BitMine adds $49 million in ETH as Tom Lee points to early Robinhood Chain activity 2

The company now holds 5,770,038 ETH. At roughly $1,780 per ETH on Monday, that stake was valued at around $10.1 billion and represented nearly 4.8% of the token’s circulating supply.

Tom Lee links the move to Robinhood Chain’s early traction

Chairman Tom Lee said the latest purchase came during a strong week for Ethereum’s base network, pointing to the public debut of Robinhood Chain, Robinhood’s Ethereum layer-2 network.

In a statement, Lee said, “One of the biggest crypto success stories in 2026 is the breakaway success of the Robinhood Chain L2 mainnet on July 1, built on Arbitrum.”

He added, “Already, dollar volumes have exceeded $1 billion, and Robinhood Chain now has more trading volume than any other decentralized exchange (DEX), demonstrating the outstanding utility and product market fit for Ethereum, which is the underlying chain.”

Data from DeFi Llama showed DEX volume on the chain topped $3 billion over the last week. Even so, it remained behind more established networks. Over the same period, Ethereum recorded $7.27 billion in DEX volume and Solana logged $12.34 billion.

User scale and address count tell different stories

Robinhood Chain settles on Ethereum and uses ETH as its native gas token. The report said the network has expanded quickly in its early phase and has produced sizable paper gains for some early meme coin traders, including one trader who turned $85 into more than $2 million on paper.

“Robinhood's 27 million users are paying crypto fees denominated in ETH,” Lee said. “In other words, everyday users are starting to see ETH as money.”

Still, Token Terminal data pointed to 788,000 active addresses on Robinhood Chain so far.

ETH and BMNR shares both eased

Despite the activity, ETH was down about 2% over the last 24 hours and up about 1.3% over the last week. BitMine shares, traded under BMNR, fell 5.7% over the last five trading days.

Shortly after Monday’s opening bell, the stock changed hands at about $14.65, down more than 2.2% since trading began.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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