Tom Lee's BitMine expands Ethereum reserves with a purchase amounting to $358 million, and the ETH price soars. Ethereum enters the spotlight after a massive purchase by BitMine, led by Wall Street veteran Tom Lee. He referred to Ethereum as "the next Bitcoin," and the market quickly reacted, with prices experiencing a rally. A substantial $358 million in ETH was accumulated. BitMine purchased 14,665 ETH from Galaxy Digital for approximately $65 million and received over 65,000 ETH in transfers from FalconX in the past 24 hours, valued at $293 million. Overall, the company added $358 million worth of ETH to its portfolio, increasing BitMine’s holdings to 1,947,299 ETH, valued at about $8.69 billion. This move follows a purchase of 153,075 ETH worth $668 million in the past week, as BitMine capitalized on the short-term drop in ETH prices. With these additions, BitMine has become a clear leader among institutional ETH holders. Its share is now 2.23 times that of the second-largest holder, SharpLink Gaming, which is also continuously expanding its exposure, having purchased over 39,000 ETH between the end of August and early September. Tom Lee: Ethereum is like Bitcoin in 2017. This bold strategy comes from Tom Lee, who has publicly stated that Ethereum is undervalued. He compared today’s Ethereum to Bitcoin in 2017, when the leading cryptocurrency began its institutional expansion. Lee even referred to Ethereum's development as the "1971 moment"—a reference to the United States abandoning the gold standard and reshaping global finance. He believes that the increasing use of ETH in payments and tokenization could trigger explosive growth. ETH price rises due to institutional demand. The market reacted immediately – Ethereum rose more than 2% in the past 24 hours, expanding its monthly increase to 21%, outpacing the broader cryptocurrency market. This rally is driven by institutional inflows—only in 2025, listed companies and ETFs added over 5 million ETH, bringing in over $23 billion in funding. Another strong driving factor is staking, gaining momentum after the SEC clarified that liquid staking is not a security. Currently, over 35.6 million ETH have been staked, accounting for nearly 30% of the total supply. Federal Reserve policy as the next catalyst. Lee also emphasized that the next big driver in the crypto market might be the Federal Reserve. Historically, the Fed usually cuts rates in September, and New York Fed President John Williams has hinted at a possible rate cut before the upcoming FOMC meeting. Although ETH recently experienced a 10-day retracement, Lee believes this consolidation trend is healthy. However, some analysts warn that short-term resistance levels may trigger temporary corrections before ETH regains full momentum. 👉 Ethereum may now be in a position similar to Bitcoin seven years ago—on the cusp of mass institutional adoption. If Tom Lee's predictions are correct, ETH may be heading towards explosive growth. #Ethereum , ETH, #CryptoAnalysis , CryptoMarket, #CryptoAdoption Stay one step ahead – follow our profile for all the important updates in the world of cryptocurrencies! Notice: The information and opinions provided in this article are for educational purposes only and should not be considered investment advice under any circumstances. The content on these pages should not be construed as financial, investment, or any other form of advice. We remind you that investing in cryptocurrencies carries risks and may result in financial loss.