BitMine Adds $49 Million in Ethereum Amid Robinhood Chain Launch Success

BitMine Immersion Technologies added $49 million worth of Ethereum last week, acquiring 27,801 ETH and bringing its total holdings to 5,770,038 ETH—nearly 4.8% of the token's circulating supply. The firm's stash is now valued at approximately $10.1 billion as ETH trades around $1,780.

The purchase follows the July 1 debut of Robinhood's Ethereum layer-2 network, Robinhood Chain, which has exceeded $1 billion in DEX volumes within days. According to BitMine chairman Tom Lee, the platform demonstrates strong product-market fit for Ethereum, as Robinhood's 27 million users pay transaction fees denominated in ETH.