BitMine Immersion Technologies expanded its Ether treasury again, adding 27,801 ETH during the week ended July 12 as chairman Tom Lee argued that Ethereum is gaining monetary relevance through everyday network use. The company now holds 5,770,038 ETH, valued at about $10.5 billion using a stated price of $1,820 per token. Lee’s thesis is that utility is slowly turning Ether from an investment asset into transactional money. That interpretation rests heavily on Robinhood Chain, where fees are denominated in ETH and settlement ultimately returns to Ethereum, creating a curious overlap between brokerage distribution, blockchain infrastructure and corporate treasury accumulation today.
BitMine approaches its ambitious 5% supply target
BitMine said its latest purchase lifted ownership to 4.8% of Ethereum’s estimated 120.7 million-token supply, leaving the company 96% of the way toward its self-imposed 5% target. Total crypto, cash, marketable securities and strategic investments reached $11.3 billion. The scale of the position makes BitMine’s Ethereum conviction unusually concentrated and increasingly consequential. Its treasury also includes 206 Bitcoin, a $180 million stake in Beast Industries, a $69 million stake in Eightco Holdings and $482 million in cash and marketable securities, giving the company additional liquidity while most of its reported value remains tied directly to Ether within its balance sheet.
Lee connected that accumulation strategy to Robinhood Chain, an Arbitrum-based Layer 2 launched July 1 that uses ETH as its native gas token and settles finality on Ethereum. He argued that Robinhood’s 27 million users are being introduced to fees denominated in Ether, suggesting a shift in how users perceive the asset. The intriguing leap is from paying network costs to recognizing ETH as money. Gas usage demonstrates functional demand, but whether users consciously treat Ether as a monetary unit rather than an invisible backend requirement remains uncertain, especially when consumer interfaces can abstract tokens, conversions and settlement mechanics completely.
Staking turns treasury scale into operating income
BitMine is also seeking returns from the treasury rather than leaving the assets idle. The company reported 4,917,189 ETH staked as of July 12, representing approximately 85% of its total Ether position and about $9.0 billion at the stated market price. Staking converts BitMine’s balance sheet into a recurring-yield operation tied to Ethereum’s security. Its seven-day annualized yield stood at 2.70%, producing projected annualized staking revenue of roughly $242 million. Management estimates that figure could reach approximately $284 million once the treasury is fully staked through MAVAN and external staking partners over time, although rewards remain variable and operationally dependent.
The strategy carries sensitivity to Ether prices, staking performance, financing conditions and regulation, all risks acknowledged in BitMine’s disclosures. The company nevertheless continues buying at what Lee called a steady 2026 pace, while its addition to the Russell 1000 broadens institutional ownership. BitMine is effectively wagering that Ethereum’s monetary role and infrastructure role will reinforce each other. More users paying fees could strengthen demand, while staking and treasury concentration reduce liquid supply, but neither mechanism guarantees appreciation. The next test is whether network adoption expands beyond speculative trading and whether BitMine can sustain accumulation without weakening shareholder economics or liquidity.
