Ethereum treasury company Bitmine has expanded its cryptocurrency reserves with another major Ethereum purchase. However, BMNR stock moved lower following the announcement.
The company acquired 27,801 ETH during the past week, increasing its total Ethereum holdings to more than 5.77 million ETH. Meanwhile, Bitmine Chairman Tom Lee identified the Robinhood Chain as another potential growth catalyst for the Ethereum ecosystem.
Bitmine’s Ethereum Holdings Reach 5.77 Million ETH
Bitmine confirmed in a press release that it purchased 27,801 ETH over the previous week. Following the acquisition, the company now controls 5,770,038 ETH.
This amount represents approximately 4.8% of Ethereum’s total circulating supply of around 120.7 million ETH. Tom Lee has previously stated that Bitmine aims to own 5% of the total ETH supply during 2026.
The company has also staked 4,917,189 ETH from its reserves. Based on current projections, Bitmine could generate approximately $242 million in annual staking revenue.
Bitmine Continues Its Weekly ETH Purchases
Bitmine has maintained a consistent Ethereum accumulation strategy since the beginning of the year.
During the previous reporting period, the company purchased another 42,197 ETH between June 29 and July 3. That acquisition occurred around the same period that Bitcoin treasury company Strategy reportedly sold more than $200 million worth of Bitcoin.
Despite its aggressive buying strategy, Bitmine is currently facing a substantial unrealized loss. DropsTab data estimates that the company is sitting on approximately $9.2 billion in unrealized losses from its Ethereum holdings.
Bitmine’s average Ethereum purchase price is reportedly around $3,374 per ETH.
Tom Lee Highlights the Robinhood Chain
Tom Lee believes the Robinhood Chain could become an important bullish catalyst for Ethereum.
The network uses ETH as its native gas token, while transaction fees are also calculated in Ethereum. In addition, transactions receive final settlement through the Ethereum network.
According to Lee, this structure introduces Robinhood’s approximately 27 million users to ETH as a practical form of money rather than simply an investment asset.
Lee also stated that the Robinhood Chain has processed more than $1 billion in dollar-denominated volume. He argued that its trading activity demonstrates strong utility and product-market fit for Ethereum-based financial services.
Recent reports also indicated that the Robinhood Chain reached approximately 7.6 million daily transactions while operating through the Base network.
BMNR Stock Falls After the Ethereum Purchase
Despite Bitmine’s growing Ethereum reserves, BMNR stock declined after the company announced its latest purchase.
At the time of reporting, BMNR shares were trading near $14.72, representing a drop of almost 2%, according to TradingView data.
The decline suggests that investors remain cautious about Bitmine’s aggressive Ethereum strategy, especially as the company continues to carry significant unrealized losses.
Nevertheless, Bitmine remains committed to increasing its Ethereum exposure and moving closer to its target of holding 5% of the cryptocurrency’s total supply.
