The firm now holds 5,770,038 ETH, nearly 4.8% of the token’s circulating supply, valued around $10.1 billion as Ethereum trades around $1,780 on Monday.
“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,” he added.
“Robinhood's 27 million users are paying crypto fees denominated in ETH,” said Lee. “In other words, everyday users are starting to see ETH as money," he added.
Despite the activity, ETH has dropped around 2% in the last 24 hours and has only gained around 1.3% in the last week of trading. That marks significant outperformance of shares in BitMine (BMNR), though, which have dipped 5.7% in the last five trading days.
BitMine shares are trading around $14.65 shortly after the opening bell on Monday, down more than 2.2% since trading began.
