Tom Lee Says Robinhood's Blockchain Is One Of 2026's 'Biggest Success Stories'

• Tom Lee said Robinhood Chain has become one of crypto's biggest success stories of 2026.
• Lee argued the network's growth showed strong demand for Ethereum-based infrastructure.
• BitMine disclosed holdings of 5.77 million ETH, making it the largest corporate Ethereum treasury and the second-largest crypto treasury overall.

Robinhood’s (HOOD) new blockchain network is one of the “biggest crypto success stories” of the year, said Tom Lee, chairman of BitMine Immersion Technologies (BMNR), citing the rapid growth in trading volume just weeks after 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, alongside announcing Bitmine’s weekly tally. "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's 27 million users are paying crypto fees denominated in ETH. In other words, everyday users are starting to see ETH as money,” Lee said. Lee stated that Robinhood Chain utilizes Ethereum (ETH) as its native gas token, with transaction fees in ETH and finality on Ethereum. 

Lee’s comments come after Robinhood Chain, which launched a little more than a week ago, reached a 24-hour DEX volume that climbed to fifth place among all chains on Friday.

BitMine's Ethereum Holdings Grow

BitMine also stated that its crypto holdings totaled 5.78 million ETH, valued at $1,820 per ETH. The company also disclosed 206 Bitcoin (BTC), a $180 million investment in Beast Industries, and a $69 million investment in Eightco Holdings (ORBS) on its balance sheet.

It added that total cash and marketable securities at quarter-end were $482 million. That’s 4.8% of the total supply of 120.7 million ETH, making BitMine’s ETH holdings the largest Ethereum treasury in the world, and the second-largest crypto treasury in the world behind Strategy (MSTR), which halted its BTC purchases for two weeks.

BitMine said it had staked the majority of its Ethereum holdings. As of July 12, the company has staked 4.9 million ETH, which was worth $9.0 billion and equaled 85% of its total ETH holdings. Annualized staking revenue is now $242 million, based on a 7-day yield of 2.70%, Lee stated.

BMNR stock was down over 3% during morning trading. On Stocktwits, retail sentiment around BMNR moved to ‘neutral’ from the ‘bullish’ zone, while chatter around it shifted to ‘normal’ from ‘high’ levels over the past day.

Russell 1000 Inclusion And Capital Raise

BitMine was added to the Russell 1000 Large-cap Index in June as part of the index's annual reconstitution. Lee said the inclusion should attract “hundreds and possibly thousands” of other institutional investors, citing estimates from the Investment Company Institute that passive funds and ETFs typically make up 18% to 20% of a company’s shares.

Last month, BitMine completed an offering of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80.00 per share, for gross proceeds of $280.0 million, before deducting underwriting discounts, commissions, and offering expenses payable by the company. The preferred shares are listed on the NYSE under the ticker BMNP. Dividends are paid weekly.

Read also: Wall Street Is Trimming Expectations For Crypto's Biggest Public Names, But Analysts Aren't Turning Bearish

For updates and corrections, email newsroom[at]stocktwits[dot]com