CoinDesk
BitMine Immersion expanded its Ethereum treasury to 5.77 million ETH last week, equivalent to roughly 4.8% of the network's 120.7 million-token circulating supply, per a Monday press release. Of that stash, nearly five million ETH are staked, letting the company collect validator rewards while sitting on one of the largest single-entity Ethereum positions in the public market.
The balance sheet also includes 206 bitcoin alongside cash and equity investments, framing BitMine as a multi-asset crypto treasury vehicle rather than a pure ETH bet. BMNR shares slipped about 3% on Monday as ETH traded down roughly 2% over 24 hours to $1,769.
Why it matters
A corporate treasury commanding close to 5% of an entire network's float is a structural shift in how Ethereum is held. The earlier MicroStrategy-style playbook concentrated on bitcoin; BitMine is the cleanest analogue on the ETH side, and the staking layer means the position earns yield rather than sitting dormant. Nearly five million ETH staked is also a meaningful validator footprint, giving BitMine indirect influence over network security economics.
Chairman Tom Lee tied the accumulation to Ethereum's layer-2 momentum, pointing specifically to Robinhood Chain. "One of the biggest crypto success stories in 2026 is the breakaway success of the Robinhood Chain L2 mainnet on July 1, built on Arbitrum," Lee said. "Already, dollar volumes have exceeded $1 billion, and Robinhood Chain now has more trading volume than any other decentralized exchange."
Market impact
The Robinhood Chain volume claim matters because L2 throughput is the entire bull case for Ethereum's fee compression problem. An L2 built on Arbitrum technology that already out-trades every incumbent DEX on raw dollar volume is a direct read on whether rollup-centric scaling is actually working in production, not just on slide decks. Lee framed it as validation of Ethereum as the settlement layer underneath that activity.
Near term, the price tape is fighting the thesis: BMNR is off 3% and ETH is off 2% in 24 hours, so the market is not rewarding the treasury expansion today.
Frequently asked questions
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How much Ethereum does BitMine hold?
BitMine Immersion disclosed 5.77 million ETH, equivalent to roughly 4.8% of Ethereum's 120.7 million-token circulating supply, per a Monday press release.
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How much of BitMine's ETH is staked?
Nearly five million of the 5.77 million ETH held by BitMine is staked, allowing the company to earn validator rewards on most of its treasury.
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Why is Tom Lee bullish on Ethereum right now?
Lee pointed to Robinhood Chain, an Arbitrum-based layer-2 that launched its mainnet on July 1, 2026 and has already cleared $1B in dollar trading volume, calling it one of the biggest crypto success stories of the year.
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What is Robinhood Chain and why does it matter?
Robinhood Chain is a layer-2 network built on Arbitrum technology that processes transactions off Ethereum before settling on mainnet, aiming to lower fees and boost throughput. Lee claims it now trades more volume than any decentralized exchange.
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How is BitMine's stock reacting to the treasury update?
BMNR slipped about 3% on Monday as ETH traded down roughly 2% over 24 hours to $1,769, leaving the market unmoved by the treasury disclosure in the near term.
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