Tom Lee’s BitMine Expands Ethereum Treasury with $358 Million Buy, ETH Price Surges
The post Tom Lee’s BitMine Expands Ethereum Treasury with $358 Million Buy, ETH Price Surges appeared on BitcoinEthereumNews.com.
Tom Lee’s BitMine has expanded its Ethereum treasury with a fresh $358 million purchase. As a result, the ETH price recorded some gains, outperforming the broader market. BitMine Expands Ethereum Holdings In New Purchase Lookonchain shared that Bitmine has increased its Ethereum treasury after new purchases. The firm received 14,665 ETH, valued at approximately $65 million, from Galaxy Digital within the last 24 hours. Source: Lookonchain At the same time, FalconX transferred over 65,000 ETH, valued at $293 million, to newly created wallets. This brought the total to an astounding $358 million purchase. Bitmine currently holds 1,947,299 ETH, approximately $8.69 billion. These transfers come on the back of a week in which BitMine added 153,075 ETH, valued at $668 million. They bought the ETH price dip, pushing its total stash to nearly 1.87 million ETH worth. This positions BitMine’s holdings at 2.23 times that of SharpLink Gaming, the second-largest Ethereum holder. SharpLink itself has been steadily increasing its exposure. They bought over 39,000 ETH between late August and early September. Behind BitMine’s strategy is Wall Street veteran Tom Lee. He has been more vocal about the underappreciation of the altcoin at the institutional level. In a recent interview, Lee compared Ethereum today to Bitcoin in 2017. He argued that while Bitcoin grows in institutional expansion, the altcoin is still in its early adoption phase. According to Tom Lee, blockchain technology represents a “1971 moment for Ethereum.” This is in reference to the U.S. abandoning the gold standard and its subsequent impact on global finance. He shared that ETH’s growing adoption in payments and tokenization could set it up for explosive growth. ETH Price Surges Amid Institutional Activity The ETH Price has responded, surging by more than 2% in the past 24 hours, leaving its previous red zone. This extended a…
Filed under: News - @ September 4, 2025 5:25 am