BitMine Immersion Technologies acquired 27,801 ETH over the past week, lifting its Ethereum treasury to 5,770,038 tokens and total holdings to $11.3 billion, according to the company’s latest update.
The figures are dated July 12 at 5:00 pm ET. BitMine’s ETH position is valued at $1,820 per token and represents 4.8% of Ethereum’s 120.7 million total supply, leaving the company 96% of the way toward the “Alchemy of 5%” target it set roughly 12 months ago.
Besides Ethereum, the treasury holds 206 Bitcoin, a $180 million stake in Beast Industries, a $69 million stake in Eightco Holdings, and $482 million in cash and marketable securities. BitMine remains the largest Ethereum treasury in the world and the second-largest crypto treasury overall, behind Strategy.
The company was added to the Russell 1000 large-cap index on June 26. Lee said the inclusion is expected to bring hundreds and possibly thousands of additional institutional investors onto the shareholder register, citing Investment Company Institute estimates that passive funds and ETFs typically hold 18–20% of a company’s shares.
Lee Puts Robinhood Chain at the Centre of the ETH Case
Much of the update was given over not to the balance sheet but to a thesis. Lee described Robinhood Chain’s July 1 mainnet launch as one of the biggest crypto success stories of 2026, saying dollar volumes have already exceeded $1 billion.
His argument runs through gas. Robinhood Chain uses ETH as its native gas token, transaction fees are denominated in ETH, and finality settles on Ethereum. On that basis, Lee said Robinhood’s 27 million users are now paying crypto fees in Ether.
“In other words, everyday users are starting to see ETH as money,” Lee said.
ETH bridged to Robinhood Chain jumped roughly 70-fold in a week, surpassing $70 million, while the network’s daily active addresses hit record highs amid a memecoin surge led by CASHCAT.
The Volume Claim Against the Rankings
Lee also stated that Robinhood Chain “now has more trading volume than any other decentralized exchange.” Recent rankings do not support that framing.
The Crypto Times reported on July 10, citing DeFiLlama, that Robinhood Chain recorded $375.15 million in 24-hour DEX volume, placing it fifth among blockchain networks. Solana led at $1.791 billion, followed by Ethereum at $1.14 billion, Base at $833.32 million, and BSC at $649.31 million.
The comparison is also not like-for-like: the figure measures aggregate volume across decentralized exchanges running on Robinhood Chain, not the volume of a single DEX. The network did surpass Hyperliquid L1’s $198.87 million, a genuine milestone for a chain then nine days old, but it was not out-trading the field.
Buying Pace Slows as the Target Nears
Lee described the week’s purchases as an increase in pace from the prior week. BitMine’s own disclosures show the opposite.
The 27,801 ETH added this week is down from 42,197 the week before and well below the 101,745 tokens the company acquired in a single week in May. With the treasury 96% of the way to its 5% goal, each purchase moves the position less while competing with the obligations the balance sheet has taken on.
Staking Carries the Structure
BitMine’s holdings are heavily staked. As of July 12, the company reported 4,917,189 ETH staked—roughly 85% of its position—worth about $9.0 billion at $1,820 per token, generating a 7-day annualized yield of 2.70%.
Lee projected annualized staking revenue of $242 million, rising toward $284 million once the position is fully deployed across MAVAN and its staking partners. That is up from the $235 million projected a week earlier.
This is the real distinction between BitMine’s model and the Bitcoin treasury playbook it otherwise mirrors. BitMine’s 9.50% Series A Perpetual Preferred, trading on the NYSE as BMNP after an $80-per-share offering that raised $273.8 million net, pays dividends weekly. Bitcoin produces no yield to service such obligations. Ether does, and BitMine’s projected staking revenue comfortably exceeds the annual cost of those dividends.
The Cost Basis the Update Omits
The $11.3 billion headline covers what BitMine owns, not what it paid. The Crypto Times reported in June that the company’s average ETH acquisition cost sat near $3,476 per token, producing an unrealized paper loss the company disclosed at approximately $8.66 billion. With ETH marked at $1,820 in Monday’s update, that gap has not closed.
The equity market has registered it. Lee noted BitMine now ranks #215 among 5,704 US-listed stocks by five-day average daily dollar volume at $475 million, sitting between Southern Company and Equinix.
BitMine’s bet has not changed. What has changed is where Lee is looking for the evidence that it will pay off.
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