BitMine Purchases $49 Million in Ethereum Amid Rise of Robinhood Chain
BitMine Immersion Technologies has acquired $49 million in Ethereum, increasing its total holdings to about 5,770,038 ETH, equivalent to nearly 4.8% of the circulating supply. Chairman Tom Lee attributes Ethereum's rise to the success of Robinhood's layer-2 network, Robinhood Chain, which has seen significant trading volumes, according to Decrypt.
BitMine Immersion Technologies has recently added $49 million worth of Ethereum to its holdings, acquiring 27,801 ETH. This purchase brings its total Ethereum reserves to approximately 5,770,038 ETH, representing nearly 4.8% of the token's circulating supply, which is currently valued at around $10.1 billion based on Ethereum's trading price of $1,780.
Tom Lee, Chairman of BitMine, attributes the firm’s recent purchase to the early success of Robinhood's layer-2 network, the Robinhood Chain. Lee stated that the chain's robust debut demonstrates Ethereum's product-market fit, with dollar volumes exceeding $1 billion shortly after launch on July 1, 2026. He emphasized, "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," highlighting the chain's rapid acceptance and utility.
In the previous week, trading volumes on Robinhood Chain surpassed $3 billion. While this figure is notable, it still trails other more established networks like Ethereum and Solana, which recorded $7.27 billion and $12.34 billion in decentralized exchange (DEX) volume, respectively, during the same timeframe. Lee noted that users of Robinhood's 27 million accounts are engaging with Ethereum, indicating a growing perception of ETH as a legitimate currency. "In other words, everyday users are starting to see ETH as money," he added.
As BitMine continues to expand its Ethereum holdings, the broader implications for Ethereum's market position and the performance of Robinhood Chain will be critical to observe. Stakeholders will likely monitor trading volumes and user engagement on Robinhood Chain in the forthcoming weeks as it establishes itself in the competitive landscape of layer-2 solutions, particularly in relation to more established networks.
Summary based on original reporting by Logan Hitchcock at Decrypt, originally published Jul 13, 2026. SolanaWire does not republish source content.
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