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BitMine acquires $49M in Ethereum as Tom Lee hails Robinhood Chain demand, Ethereum price near $1,800, 4.8% of circulating supply held by BitMine, what's next
BitMine Immersion Technologies has purchased $49 million worth of Ethereum, bringing its total holdings to over 5.7 million ETH, approximately 4.8% of the total circulating supply [2]. This move is attributed to the growing demand following the launch of the Robinhood Chain, an Arbitrum-based Ethereum Layer-2 network that has been gaining traction, with Tom Lee citing the chain's success as evidence of Ethereum's product-market fit [2].
| At a glance | |
|---|---|
| Price | $1,780 |
| 24h % move | -2% |
| Key level | 4.8% of circulating supply held by BitMine |
| Catalyst | Robinhood Chain demand |
The Robinhood Chain, which launched its public mainnet on July 1, 2026, offers 24/7 tokenized stock trading and DeFi features, contributing to increased Ethereum usage as it serves as the network's native gas token [1]. Tom Lee, BitMine's Chairman, pointed to the strong public debut for Robinhood's Ethereum layer-2 network, stating that "one of the biggest crypto success stories in 2026 is the breakaway success of the Robinhood Chain L2 mainnet" [2]. The chain's early success has created small fortunes for some early meme coin traders on the blockchain, with one individual turning $85 into more than $2 million in paper gains [2].
Ethereum's role as a financial infrastructure component is growing, with institutional demand for the cryptocurrency appearing to be on the rise [1]. BlackRock BUIDL, JPMorgan MONY, and Robinhood Chain are cited as examples of institutional-grade vehicles on the Ethereum ecosystem, with nearly 6,000 developers on the EVM stack, ranking Ethereum first among all chains for new builders [3]. However, the counterargument is that Robinhood Chain's volume spike is predominantly meme coin-driven, not institutional flows, and the fee economics cut against Tom Lee's framing [3].
| Token Metrics | |
|---|---|
| Circulating supply | 120.7 million |
| BitMine's holdings | 5.7 million ETH |
| Percentage of supply | 4.8% |
The real significance of BitMine's $49 million Ethereum purchase lies in its indication of strong institutional interest, potentially impacting market sentiment [1]. As Ethereum's role in financial infrastructure continues to grow, the question remains whether institutional capital will deepen into sustained secondary market demand, driving the price beyond its current level.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 4 outlets · Jul 22, 2026 · How we report
It is an Ethereum network upgrade designed to increase the block gas limit, lower transaction fees, and improve overall network capacity.
Yes, Charles Schwab began rolling out direct Ethereum trading to select retail clients in May 2026, charging a 0.75% fee per trade.
As of late August 2026, Ethereum trades around $2,460, which is approximately 50% below its August 2025 all-time high of $4,953.