Bitmine has acquired 27,801 ETH in the past week, pushing its total holdings to 5.77 million ETH and nearing its goal of accumulating 5% of Ethereum’s circulating supply. The firm has staked 4.91 million ETH, generating an estimated $242 million in annual staking revenue. Chairman Tom Lee highlighted that Robinhood Chain uses ETH for gas fees and network settlement, tying Ethereum to user activity on the platform. Despite holding an unrealized loss of approximately $9.2 billion on its average purchase price of $3,374 per ETH, Bitmine continues to buy. However, its stock (BMNR) fell 3.54% to $14.45 following the update.
Bitmine’s total ETH holdings have crossed 5.77 million tokens after the company purchased 27,801 ETH this week, pushing its treasury toward the 5% supply target. Chairman Tom Lee stated the goal remains in place for this year.
According to the company’s latest update, Bitmine now owns 5,770,038 ETH, representing approximately 4.8% of Ethereum’s circulating supply of about 120.7 million coins. On-chain activity tracked by Arkham Intelligence also showed a separate 40,000 ETH acquisition last week, worth an estimated $70 million, involving addresses linked to FalconX and Kraken.
Most of Bitmine’s treasury is staked, with 4,917,189 ETH locked up and generating an estimated $242 million in annual staking revenue. The firm’s average purchase price for its total ETH position is $3,374 per token.
DropsTab estimates that Bitmine currently holds an unrealized loss of around $9.2 billion. Despite these paper losses, the company continues acquiring ETH, a strategy contrasting with Strategy, which sold over $200 million worth of Bitcoin in the same period.
Lee tied the future of Ethereum to Robinhood Chain, explaining that “Robinhood Chain uses ETH as the native gas token. And transaction fees are denominated in ETH, and the finality is settled on Ethereum.” He noted that Robinhood Chain has surpassed $1 billion in dollar-based trading volume.
Separate market reports revealed Robinhood Chain recorded 7.6 million daily transactions, beating Base in daily transaction figures. Despite this activity and Bitmine’s continued accumulation, investors remained cautious, as Yahoo Finance data shows BMNR trading at $14.45 after a 3.54% decline.
