Bitmine has added another 27,801 Ethereum to its corporate treasury, bringing its total holdings to 5,770,038 ETH — roughly 4.8% of the circulating supply. Chairman Tom Lee pointed to the newly launched Robinhood Chain as a catalyst driving real-world demand for ETH, even as the company's stock slipped nearly 2.4% on the day.
Ethereum accumulation continues
The latest purchase, disclosed in a press release, follows a pattern of weekly buying that has kept Bitmine on track to own 5% of all ETH by year-end. Last week, blockchain tracker Arkham Intelligence spotted a separate acquisition of 40,000 ETH, worth about $70 million, flowing through wallets linked to FalconX and Kraken. Bitmine did not officially confirm that transaction but has maintained a steady drumbeat of weekly updates.
Of its total holdings, 4,917,189 ETH are now staked, generating an estimated $242 million in annualized staking revenue. The company's average acquisition price stands at $3,374 per coin. Despite the continued accumulation, market data provider DropsTab estimates Bitmine is sitting on an unrealized loss of roughly $9.2 billion at current prices.
Robinhood Chain as a catalyst
Lee framed Robinhood Chain as a significant development for Ethereum's utility. He noted that the network uses ETH as its native gas token, transaction fees are paid in ETH, and final settlement occurs on Ethereum. "Robinhood's 27 million users are paying crypto fees denominated in ETH. In other words, everyday users are starting to see ETH as money," Lee said.
He added that Robinhood Chain has already surpassed $1 billion in dollar-denominated trading volume and now processes more volume than any decentralized exchange, calling it evidence of strong product-market fit. Separate market reports indicate the network hit 7.6 million daily transactions, overtaking Base in activity.
Market reaction
Despite the bullish narrative, shares of Bitmine (BMNR) fell to around $14.61, down nearly 2.4% on the day, according to Yahoo Finance. The decline came as investors weighed the ongoing accumulation against the company's large unrealized losses, even as Bitmine reaffirmed its goal of controlling 5% of Ethereum's circulating supply.