Tom Lee’s Bitmine Adds 27,801 ETH as BMNR Stock Falls
Highlights
- Bitmine added 27,801 ETH, with the company's holdings climbing above 5.77 million ETH.
- The BMNR stock is down nearly 2% today amid the announcement of this purchase.
- Tom Lee has praised the Robinhood Chain as a new bullish catalyst for Ethereum.
Ethereum treasury firm Bitmine has purchased more ETH over the past week, pushing its holdings above 5.77 million ETH. The BMNR stock has fallen amid the announcement of this latest purchase, while Tom Lee cited the Robinhood Chain as a new bullish catalyst for Ethereum.
Bitmine Acquires 27,801 ETH as Holdings Climb Above 5.77 Million ETH
In a press release, the Ethereum treasury firm announced that it acquired 27,801 ETH over the past week. The company’s Chairman, Tom Lee, reiterated that they expect to reach their goal of holdig 5% of the total ETH supply sometime this year.
Bitmine notably holds 5,770,038 ETH, which represets 4.8% of the total ETH supply of 120.7 million. The firm has also staked 4,917,189 out of its holdings, with its annualized staking revenues now projected at $242 million.
It is worth noting that the Ethereum treasury firm has maintained weekly ETH purchases since the start of the year. As CoinGape reported last week, Bitmine purchased 42,197 ETH between June 29 and July 3, around the time the Bitcoin treasury firm Strategy sold over $200 million worth of Bitcoin.
The Ethereum treasury firm continues to double down on its ETH accumulation despite sitting on an unrealized loss of around $9.2 billion, according to DropsTab data. The company has an average purchase price of $3,374 o its Ethereum holdings.
Robinhood Chain As A Catalyst For ETH
Tom Lee highlighted the successful launch of the Robinhood Chain as a bullish catalyst for Ethereum. “Robinhood Chain uses ETH as the native gas token. And 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,” he said.
The Bitmine Chairman also noted that the Robinhood Chain’s dollar volume has exceeded $1 billion and that it has more trading volume than any other decentralized exchange (DEX), which he said demonstrates its outstanding utility and product-market fit for Ethereum. CoinGape recently reported that the Robinhood Chain hit 7.6 million daily transactions as it closed o the Base network.
Meanwhile, it is worth mentioning that the BMNR stock is down amid Bitmine’s announcement of its latest Ethereum purchase. The stock is currently trading at around $14.72, down almost 2%, according to TradingView data.
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