Tom Lee’s BitMine bought $358 million worth of Ethereum, growing its treasury, securing its place among the largest institutional ETH holders, and driving a new jump in Ethereum’s 0 received two big ETH transfers from Galaxy Digital and FalconX, adding about 80,000 ETH to its wallets and lifting its total holdings to 1,947,299 ETH worth about $8.69 1 increases Ethereum treasury with fresh $358M purchase BitMine strengthened its position as the largest holder of ETH among corporate investors after purchasing 14,665 ETH from Galaxy Digital (roughly $65 million) and 65,000 ETH through FalconX (about $293 million). Both transfers were routed into new BitMine wallets within 24 hours, and their combined value is $358 2 new purchases come at a time when the company is aggressively building its treasury by taking advantage of price dips and market 3 a week earlier, the company added 153,075 ETH (approximately $668 million), bringing its total inventory to 1,947,299 ETH (about $8.69 billion) combined with the fresh inflows from Galaxy Digital and 4 such a massive treasury, BitMine has surpassed other ETH holders by a 5 second-largest known corporate holder of Ethereum, SharpLink Gaming, has a total stash less than half the size of BitMine’s, even after buying more than 39,000 ETH in late August and early 6 shows just how much BitMine has outpaced its peers and set an institutional record that is almost impossible to beat.
On-chain analyst Yu Jin said the fact that BitMine received about 80,000 ETH within a single hour on September 4 shows just how massive its resources 7 also reflects the abilities of large liquidity providers like Galaxy Digital and FalconX to facilitate such large transactions without disrupting market 8 price rises as institutional buying and staking grow Just 24 hours after BitMine’s $358 million purchase, Ethereum’s price rose by more than 2%, pushing the token further into a monthly rally now at 21%. Analysts say this stability suggests the token is going strong and preparing for larger 9 demand for ETH increases at the institutional level and staking rises, the supply of ETH tightens, favoring higher prices over the longer 10 year’s data shows that public companies and exchange-traded funds have collectively added more than five million ETH to their portfolios (over $23 billion in fresh inflows).
Staking is also a major factor in reducing the liquid supply of ETH because more investors prefer to lock up their tokens to earn yields and contribute to network 11 12 and Exchange Commission’s announcement that liquid staking services will not be treated as securities also boosted confidence in 13 then, more than 35.6 million ETH (about 30% of the entire circulating supply) has been locked 14 Lee, a seasoned Wall Street veteran, consistently argued that Ethereum is undervalued when viewed through the lens of long-term institutional 15 frequently compares Ethereum’s current stage to Bitcoin in 16 this period, Bitcoin had only begun attracting large financial players but had not yet achieved the mainstream recognition it enjoys 17 believes investors who build strong ETH portfolios now will be ready to benefit from far greater gains than Bitcoin once institutional demand 18 Lee says these developments are part of a bigger financial transition that could redefine Ethereum’s role in the global 19 compares BitMine’s accumulation strategy to a “1971 moment” for Ethereum, which refers to the year when the US unlocked new monetary flexibility and long-term growth by abandoning the gold 20 also believes that ETH could receive supportive macroeconomic conditions if the Federal Reserve follows through with interest rate cuts often associated with September policy 21 trends suggest that such cuts usually boost asset prices, and if the pattern holds, Ethereum could grow just as fast as Bitcoin during its early adoption 22 your project in front of crypto’s top minds?
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