Company Chairman Thomas Lee attributed Bitmine’s unwavering confidence in Ethereum to one of the biggest crypto success stories of 2026: the launch of Robinhood Chain. Built on Arbitrum, this Layer 2 network focuses on tokenized real-world assets.

Since its launch on July 1, the network’s trading volume has surpassed $1 billion, eclipsing all other decentralized exchanges (DEXs). Because the Robinhood Chain utilizes ETH as its native gas token, its 27 million users pay transaction fees in Ethereum. According to Lee, this has led everyday users to “start seeing ETH as money.”

Mixed Financials: Record Revenues Met by Widening Losses

Despite the impressive 11.5% jump in stock price—closing at $16.29—and a meteoric revenue increase to $46.5 million (up from $2.05 million in the prior-year period), the company’s bottom line took a major hit.

Bitmine reported that its net loss attributable to shareholders widened by 13,318% to $83.59 million, compared to a loss of just $623,000 in the same period last year. This widening loss highlights the high operational and accounting volatility associated with holding a massive crypto-backed treasury and running a large-scale staking infrastructure.

Hedge Funds Express Strong Confidence

Despite the accounting losses, institutional investors continue to back Bitmine’s strategy as a pure-play vehicle for direct Ethereum exposure. According to data from Insider Monkey, 33 hedge funds held a combined $700 million stake in the company by the first quarter of the year, up from 28 hedge funds in the final quarter of 2025.

Summary

Bitmine Immersion continues to solidify its position as the premier publicly traded proxy for investors seeking direct exposure to Ethereum. While its strategic shift to staking and aggressive treasury accumulation has yielded massive revenue growth—further supported by real-world adoption through major projects like the Robinhood Chain—the widening net losses and absolute dependence on the highly volatile crypto market serve as a reminder that this high-reward play still carries significant risk.