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BitMine adds $49 million of Ethereum, citing Robinhood Chain growth

The firm bought 27,801 ETH and said Robinhood Chain’s July 1 debut is driving Ethereum utility, as DEX volumes on the chain topped $3 billion in the past week.

Reported · Written up by our desk · Market Structure

BitMine Immersion Technologies said it bought another $49 million worth of Ethereum over the past week, bringing its total ETH holdings to 5,770,038 tokens, or nearly 4.8% of the circulating supply. The purchase was made as Ethereum traded around $1,780, leaving BitMine’s stash valued at roughly $10.1 billion.

Chairman Tom Lee attributed the buildup to Ethereum’s product market fit, pointing to the early success of Robinhood Chain, a layer 2 network that settles on Ethereum and uses ETH as its native gas token. Lee said the Robinhood Chain L2 mainnet launched on July 1, built on Arbitrum, and that it has already generated more than $1 billion in dollar volumes.

Decrypt reports that Lee also said Robinhood Chain has more trading volume than any other decentralized exchange, based on the firm’s statement. Data cited from DeFi Llama showed DEX volumes on the chain exceeded $3 billion in the last week, though it still trailed Ethereum and Solana overall, which posted $7.27 billion and $12.34 billion of DEX volume over the same period, respectively.

Despite the flow of ETH into BitMine’s treasury, the report said Ethereum is down about 2.0% over the past 24 hours and up about 1.3% for the week. The piece also noted that Token Terminal data put Robinhood Chain active addresses at about 788,000 so far.

Latest closeEthereum $1,765.29 ▼2.2%|Solana $74.57 ▼3.0%

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