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BitMine Immersion Technologies has made a significant acquisition of Ethereum, purchasing $49 million worth of the cryptocurrency. BitMine Chairman Tom Lee attributes this move to the growing demand following the launch of the Robinhood Chain, an Arbitrum-based Ethereum Layer-2 network that has been gaining traction. 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.
The acquisition marks BitMine’s continued strategy to expand its Ethereum holdings, aligning with its goal to control a substantial portion of the total Ethereum supply. This latest purchase brings BitMine’s total Ethereum holdings to over 4.2 million ETH, approximately 3.5% of the total circulating supply. As Ethereum’s role as a financial infrastructure component grows, institutional demand for the cryptocurrency appears to be on the rise.
Market participants are closely watching these developments, as they may influence Ethereum’s price trajectory in the coming weeks. Current pricing for Ethereum’s potential to reach $1,900 by the end of July is at 51% YES, suggesting moderate confidence in upward price movement.
