Bitmine Snaps Up Over 30,500 ETH as Tom Lee Focuses on Crypto's New Success Story
Bitmine Immersion Technologies, a former bitcoin miner that has pivoted to accumulating Ethereum, has purchased an additional 30,567 ETH over the past week. The company now holds 5.77 million ETH, representing approximately 4.8% of the circulating supply of 120.7 million coins. Bitmine has stated its goal is to control 5% of Ethereum’s total supply.
Chairman Tom Lee remains bullish on Ethereum, citing two structural trends: the tokenization of traditional financial assets and rising demand for blockchain infrastructure from AI-powered applications. He also pointed to regulatory developments such as the proposed CLARITY Act, which could accelerate institutional adoption of smart contract platforms. Lee highlighted the recent launch of Robinhood Chain, a Layer 2 mainnet built on Arbitrum, as a major success story. According to Lee, Robinhood Chain has already exceeded $1 billion in trading volume, becoming the most active decentralized exchange. The network uses ETH as its native gas token, with all fees denominated in Ether before settlement on the underlying Ethereum chain. This means Robinhood’s 27 million users are now paying transaction fees in ETH, further demonstrating its utility as money.
Bitmine is also aggressively expanding its staking operations. It has deployed over 4.9 million ETH through its institutional staking platform MAVAN, making it one of the largest Ethereum validators globally. The company projects approximately $235 million in annualized staking revenue from its current staked holdings, with plans to stake its entire Ethereum reserve, which would increase that figure to roughly $277 million.