Tom Lee launches Robinhood Chain, Bitmine buys 27,801 Ethereum units

Bit Mining's Ethereum asset reserve exceeded 5.77 million. Tom Lee pointed out that Robinhood Chain has become a new driver of ETH adoption.

Bit Mining recently increased its holdings of 27,801 Ethereum assets again, bringing its total holdings to more than 5.77 million ETH. At the same time, company chairman Tom Lee believes that Robinhood Chain will become a new engine to drive the actual application needs of Ethereum.

Quick overview of key points

Bit Mining bought another 27,801 ETH units, increasing its total position to 5.77 million Ethereum units.
Tom Lee said Robinhood Chain is a new catalyst to stimulate real-world demand for ETH.
Although the company continued to increase its holdings and expand its pledge scale, its stock BMNR still fell nearly 2% that day.

According to a press release issued by Bit Mining, the company has purchased 27,801 ETH units in the past week, bringing its total position to 5,770,038 units, accounting for approximately 4.8% of Ethereum's current total circulation (approximately 120.7 million units).

Tom Lee reiterated that the company still plans to achieve its goal of holding 5% of Ethereum's total supply by the end of the year, a strategy that will increase its holdings throughout 2026.

Ethereum's asset reserves continue to expand

Recent purchases have enabled Bit Mining to maintain the pace of increasing holdings. Just last week, blockchain intelligence platform Arkham Intelligence traced that the company had completed the acquisition of 40,000 more ETH units (worth approximately US$70 million) by linking two addresses in FalconX and Kraken hot wallets.

Although Bit Mining has not publicly confirmed the transaction, the company has regularly issued weekly reports detailing the increase in its Ethereum assets.

In addition, Bit Mining has also pledged most of its positions. The company disclosed that 4,917,189 ETH items have been used for pledge, which is expected to generate approximately US$242 million in pledge revenue every year. The latest documents also show that the average purchase price of the company's Ethereum position is US$3,374 per piece.

Despite continued buying, according to estimates from market data provider DropsTab, Bit Mining still has unrealized losses of approximately US$9.2 billion based on current market prices.

However, the company has not slowed down the pace of purchases. Between June 29 and July 3, they had purchased 42,197 ETH units. At almost the same time period, Bitcoin asset reserve company Strategy sold more than $200 million worth of Bitcoin.

Robinhood Chain enhances practical application scenarios for Ethereum

While announcing the latest asset reserve situation, Tom Lee pointed out that Robinhood Chain is an important development in Ethereum's long-term value proposition. He believes that the network integrates Ethereum directly into users 'daily activities because ETH is a native Gas token, transaction fees are priced in ETH, and final settlement is also completed on the Ethereum blockchain.

"Robinhood Chain uses ETH as its native Gas token, transaction fees are denominated in ETH, and final settlement is also completed on Ethereum. Robinhood's 27 million users are paying cryptocurrency fees denominated in ETH. In other words, ordinary users began to see ETH as currency." Lee added that Robinhood Chain's dollar-denominated trading volume has exceeded US$1 billion and currently handles more transactions than any decentralized exchange. He believes that this fully proves that the products built around Ethereum are highly compatible with the market.

According to market reports, the daily transaction volume of this network has reached 7.6 million, surpassing the Base chain in terms of daily activity data.

Although Bit Mining continues to increase its exposure to Ethereum, investors have reacted cautiously to the latest announcement. According to data, the company's stock BMNR traded at approximately US$14.61 that day, down nearly 2.4%.

The decline came as Bit Mining reiterated its aggressive strategy of increasing holdings and continued to move towards its goal of controlling 5% of Ethereum's circulating supply.