Bitmine Immersion Technologies, the former bitcoin miner turned massive Ethereum accumulator, continues to increase its altcoin exposure by snapping another 30,567 tokens over the past week.
Its total has grown to 5.77 million coins, and the latest purchase cements its position as the world’s largest corporate holder of Ethereum.
Coming for 5% Supply
The company has long stated that its mission is to accumulate and control 5% of Ethereum’s total supply. With its latest acquisition, it has further neared that goal as it now controls over 4.8% of the project’s circulating supply of 120.7 million coins.
The firm’s chairman, Tom Lee, continues to be highly bullish on ETH’s long-term future, arguing that two structural trends keep supporting the asset: the growing tokenization of traditional financial assets and increasing demand for blockchain infrastructure from AI-powered applications.
He added that regulatory developments such as the highly anticipated CLARITY Act could further accelerate institutional adoption of smart contract platforms. Moreover, he focused on Robinhood’s new mainnet launch this month, which is another Ethereum-related initiative that became an instant sensation.
“One of the biggest crypto success stories in 2026 is the breakaway success of the Robinhood Chain L2 mainnet on July 1, built on Arbitrum. Already, dollar volumes have exceeded $1 billion, and Robinhood Chain now has more trading volume than any other decentralized exchange (DEX), demonstrating the outstanding utility and product market fit for Ethereum, which is the underlying chain,” noted Lee.
He said Robinhood Chain utilizes ETH as the native gas token, and all transaction fees are denominated in the world’s largest altcoin before being settled on Ethereum. This means that Robinhood’s 27 million user base is now paying crypto fees denominated in ETH. In other words, “everyday users are starting to see ETH as money.”
Staking Business Grows
Bitmine continues to deploy its ETH stash for staking as the firm has put over 4.9 million coins to work through its own institutional platform MAVAN. By becoming one of the largest Ethereum validators globally, the company projects approximately $235 million in annualized staking revenue.
It plans to stake all of its holdings, which would increase that expected amount to roughly $277 million.
Source: CryptoPotato
