Bitmine accumulates 5.77 million ETH as Robinhood Chain gains traction

The latest acquisition brings Bitmine’s total stash to roughly 4.8% of Ethereum’s circulating supply. Despite an unrealized loss estimated at $9.2 billion by data provider DropsTab, the company shows no signs of pivoting away from its goal of controlling 5% of all ETH before the year concludes. Current filings indicate an average acquisition price of $3,374 per coin for the treasury, which currently sees 4,917,189 ETH staked to generate approximately $242 million in annualized revenue.

Tom Lee argues that the Robinhood Chain is fundamentally changing how everyday users interact with the blockchain. By utilizing ETH as the native gas token and settling finality on the Ethereum mainnet, the platform has processed over $1 billion in trading volume, surpassing decentralized exchange benchmarks. While the network recently hit a milestone of 7.6 million daily transactions, market sentiment toward the firm remains tepid. BMNR shares slipped nearly 2.4% following the announcement, closing at $14.61 as investors weigh the company’s heavy capital commitment against current price volatility.