Bitmine Adds $50M in ETH as Robinhood Unlocks 27 Million Users: What Is Happening?

Bitmine Immersion Technologies (NYSE:BMNR) bought 27,801 Ethereum (CRYPTO: ETH) for $50 million last week, pushing its total holdings to 5.77 million ETH worth $10.2 billion.

Bitmine Nears Its 5% ETH Supply Goal With $284M In Annual Staking Potential

The firm now holds 4.8% of the entire ETH supply, sitting 96% of the way to what Lee calls the “alchemy of 5%” — a threshold the company expects to cross sometime in 2026.

Of its 5.77 million ETH, 4,917,189 tokens are staked through MAVAN, Bitmine’s institutional-grade validator network, generating annualized staking revenues of $242 million at a 7-day yield of 2.70%. 

At full deployment, projected staking rewards reach $284 million annually.

Bitmine’s total holdings across crypto, cash, and what it calls “moonshots” — including a $180 million stake in Beast Industries and a $69 million stake in Eightco Holdings (NASDAQ:ORBS) — stand at $11.3 billion, making it the largest ETH treasury in the world and the second-largest crypto treasury behind Strategy Inc. (NASDAQ:MSTR).

What Does Robinhood Chain Have To Do With This?

Lee tied the latest purchase directly to the Robinhood (NASDAQ:HOOD) Chain Layer-2 mainnet, which launched July 1 on Arbitrum and crossed $1 billion in dollar volume within days, recording more trading volume than any other decentralized exchange.

“Robinhood Chain uses ETH as the native gas token,” Lee said. “Robinhood’s 27 million users are paying crypto fees denominated in ETH. Everyday users are starting to see ETH as money,” he added.

That 27 million user base flowing through ETH infrastructure is the demand argument Lee is making for continued accumulation.

Bitmine also joined the Russell 1000 Large-cap Index on June 26, a move the company expects will pull hundreds to thousands of additional institutional investors into BMNR shares through passive fund tracking.

Where Does BMNR Stand Technically?

BMNR trades near the bottom of its 52-week range, sitting 0.9% below its 20-day moving average of $14.92, 16.6% below its 50-day at $17.74, and 47.2% below its 200-day at $28.03. 

Moreover, the death cross formed in January keeps the bigger-picture trend pointed down.

Meanwhile, the MACD sits above its signal line with a positive histogram, a sign that selling pressure is easing and the current bounce is gaining traction.

BMNR Key levels:

• $16 — resistance where rebounds have stalled, sitting below both major moving averages
• $13 — support near the 52-week low of $12.80, where buyers have previously stepped in

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