BitMine Buys $49 Million in Ethereum as Tom Lee Hails Early Robinhood Chain Demand
BitMine Immersion Technologies added $49 million in ETH last week, buying 27,801 ETH. Its total holdings now stand at 5,770,038 ETH, about 4.8% of circulating supply, worth roughly $10.1 billion at an ETH price near $1,780. Chairman Tom Lee said the purchase reflects strong Ethereum activity, highlighting Robinhood Chain’s launch on Arbitrum and its fast-growing trading volumes. He argued the chain shows real utility for Ethereum because it settles on ETH and uses ETH for gas. Recent data show Robinhood Chain has generated over $3 billion in weekly DEX volume, though it still trails Ethereum and Solana. ETH itself is roughly flat to slightly down over the past week, while BitMine shares have also fallen, trading near $14.65 and down more than 5% over five days.
