Bitmine expands Ethereum treasury to 5.78M ETH amid stronger ETH price gains and institutional interest in layer-2 networks.
Bitmine increased its Ethereum holdings to 5.78M ETH as Ether outperformed Bitcoin over the past week and month. ETH rose 6.7% and 10% in those periods, compared with Bitcoin’s 5.8% and 2.6% gains, respectively.
The shift follows Strategy pausing Bitcoin purchases for two consecutive weeks, opting instead to bolster cash reserves to over $3.2 billion. Meanwhile, Robinhood’s Ethereum layer-2 network, Robinhood Chain, attracted $141 million in bridged Ether within its first two weeks, sparking debate over institutional adoption of Ethereum scaling solutions.
Analysts remain divided on whether layer-2 growth strengthens ETH’s value as a monetary asset or weakens its fee revenue thesis. Bernstein raised Robinhood’s price target to $160 from $130 per share on Monday.