Tom Lee, chairman of BitMine Immersion Technologies (BMNR), has declared Robinhood Chain one of the “biggest crypto success stories of 2026,” citing explosive growth just weeks after its July 1 mainnet launch.
“One of the biggest crypto success stories in 2026 is the breakaway success of the Robinhood Chain L2 mainnet on July 1, built on Arbitrum,” Lee stated. “Already, dollar volumes have exceeded $1 billion, and Robinhood Chain now has more trading volume than any other decentralized exchange (DEX), demonstrating the outstanding utility and product market fit for Ethereum, which is the underlying chain.”
Robinhood Chain leverages Ethereum as its native gas token, with all transaction fees paid in ETH and finality secured on Ethereum. Lee emphasized that Robinhood’s 27 million users are now actively transacting with ETH-denominated fees, signaling a shift toward viewing ether as “money” in everyday use.
The network’s traction was underscored when, just over a week post-launch, its 24-hour DEX volume ranked fifth among all blockchains.
BitMine Holds World’s Largest Corporate ETH Treasury
In related news, BitMine disclosed holdings of 5.78 million ETH—valued at approximately $1,820 per ETH—representing 4.8% of Ethereum’s total circulating supply of 120.7 million ETH. This positions BitMine as the largest corporate holder of Ethereum globally and the second-largest crypto treasury overall, trailing only MicroStrategy (MSTR).
The company also reported stakes on 4.9 million ETH (85% of its holdings), worth $9.0 billion as of July 12. At a 7-day staking yield of 2.70%, BitMine generates an annualized staking revenue of $242 million.
Additional balance sheet assets include 206 Bitcoin (BTC), a $180 million investment in Beast Industries, and a $69 million stake in Eightco Holdings (ORBS). Total cash and marketable securities stood at $482 million at quarter-end.
Strategic Moves and Market Response
BitMine was recently added to the Russell 1000 Large-cap Index in June, a move Lee believes will draw “hundreds and possibly thousands” of institutional investors, given that passive funds and ETFs typically own 18%–20% of a company’s shares.
Last month, the firm raised $280 million in gross proceeds through an offering of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80.00 per share. The preferred shares trade on the NYSE under ticker BMNP and pay weekly dividends.
Despite the positive developments, BMNR stock declined over 3% in morning trading. Retail sentiment on Stocktwits shifted from “bullish” to “neutral,” with discussion volume dropping to “normal” levels.