Tom Lee, chairman of Bitmine Immersion Technologies, stated that users “are starting to see ETH as money” following the launch of Robinhood Chain, a network on which Robinhood’s 27 million users pay fees denominated in ETH.
Lee’s statements were made alongside the announcement that Bitmine increased its ETH treasury by 27,801 tokens over the past week, bringing the total to 5.77 million ETH, equivalent to approximately $10.5 billion at the current price of $1,820 per unit.
With that volume, Bitmine controls 4.8% of the circulating supply and positions itself as the largest corporate holder of Ethereum globally, surpassed in total crypto treasury only by Strategy, whose bitcoin position approaches $54 billion. Lee’s company also reported $482 million in cash and marketable securities, with total assets valued at $11.3 billion.
More than 85% of the ETH holdings —4.92 million tokens— are currently staked, generating a projected annualized yield of $242 million through its MAVAN validation infrastructure. Bitmine also reported 206 bitcoin and stakes in Beast Industries and Eightco Holdings. The company’s shares closed Friday at $14.98.
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