Bitmine Immersion Technologies, once a pure-play bitcoin miner, has deepened its Ethereum bet by acquiring an additional 30,567 ETH over the past week, pushing its total war chest to 5.77 million ETH. This latest purchase, confirmed by on-chain data and corporate disclosures, cements Bitmine’s status as the world’s largest corporate holder of Ethereum, now controlling approximately 4.8% of the asset’s circulating supply of 120.7 million coins.
The company’s chairman, Tom Lee, reiterated the firm’s ambition to eventually command 5% of all ETH. He attributed his unflinching bullishness to two powerful tailwinds: the accelerating tokenization of traditional financial assets on Ethereum and the explosion of AI-driven demand for blockchain infrastructure. Lee also pointed to regulatory tailwinds, specifically the CLARITY Act, which he believes could unlock a new wave of institutional adoption for smart contract platforms.
A cornerstone of Lee’s thesis is the breakout of Robinhood Chain, an Ethereum layer-2 built on Arbitrum that launched its mainnet on July 1, 2026. “One of the biggest crypto success stories in 2026 is the breakaway success of Robinhood Chain,” Lee said. “Dollar volumes have already exceeded $1 billion, and it now has more trading volume than any other decentralized exchange.” Crucially, Robinhood Chain uses ETH as its native gas token, meaning the platform’s 27 million users pay fees in ETH, which are later settled on Ethereum mainnet. “Everyday users are starting to see ETH as money,” Lee noted.
Beyond accumulation, Bitmine is actively deploying its stash. Through its institutional staking platform MAVAN, the firm has staked over 4.9 million ETH, making it one of the largest validators in the ecosystem. Bitmine projects roughly $235 million in annualized staking revenue and plans to stake its entire holdings, which would lift that figure to around $277 million. To further underscore its financial firepower, the company disclosed it holds $482 million in cash reserves, providing ample dry powder for future acquisitions or market operations.
