Bitmine buys $50M in Ethereum, lifting holdings to 5.77M ETH as Robinhood Chain expands demand and staking revenue climbs.

Bitmine Immersion Technologies bought 20,500 ETH for $35.92M, bringing total holdings to 5.7 million ETH as it nears its 5% supply ownership target.

According to BitMine Chairman Tom Lee, Ethereum is benefiting from the early success of the Robinhood Chain layer-2 network.