BitMine, founded by Wall Street veteran Tom Lee, expanded its Ethereum reserves with a new $358 million purchase, cementing its role as the largest institutional ETH holder. In the latest move, the company received 14,665 ETH worth $65 million from Galaxy Digital and 65,000 ETH worth $293 million from FalconX. These transfers boosted BitMine’s holdings to 1,947,299 ETH, valued at $8.69 billion.
The fresh purchases follow last week’s acquisition of 153,075 ETH worth $668 million, made during a price dip. With nearly 2.23 times the ETH holdings of SharpLink Gaming, the second-largest institutional holder, BitMine continues to dominate.
Lee has been vocal about Ethereum’s undervaluation, likening its current stage to Bitcoin in 2017. He sees growing institutional recognition as key to ETH’s next growth phase. By steadily expanding its treasury, BitMine is reinforcing Ethereum’s standing as a core digital asset for institutional adoption.
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