Bitmine acquires 27,801 ETH as it closes in on 5% of total supply
According to the company's chairman, the strong early performance of Robinhood Chain demonstrates the growing real-world utility of ETH.
Bitmine Immersion Technologies announced today it acquired 27,801 ETH during the past week, accelerating its Ethereum accumulation strategy as it closes in on its target of owning 5% of Ethereum’s total supply.
The company now holds over 5,7 million ETH, representing 4.8% of the ETH in circulation, alongside 206 BTC, $482 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $69 million investment in Eightco, bringing total holdings to $11.3 billion.
According to Chairman Thomas “Tom” Lee, Robinhood Chain’s rapid growth following its July launch underscores Ethereum’s expanding utility, with the network using ETH as its native gas token and settlement asset.
“Transaction fees are denominated in ETH and the finality is settled on Ethereum. Robinhood’s 27 million users are paying crypto fees denominated in ETH. In other words, everyday users are starting to see ETH as money,” Lee stated.
On staking, Bitmine said about 4.9 million ETH, valued at approximately $9 billion, has been staked through MAVAN (Made in America VAlidator Network), its institutional Ethereum staking platform.
The company expects MAVAN to expand beyond supporting its own treasury and estimates full deployment could generate annual staking rewards of $284 million, with current projected staking revenues of $242 million.