Ethereum News: Tom Lee’s BitMine Adds $358M ETH as Price Rally Builds

This year alone, more than 5 million ETH — worth $23 billion — has flowed into corporate treasuries and ETFs. At the same time, staking continues to lock supply: over 35.6 million ETH is now committed to validators, nearly 30% of the total supply. With so much ETH off the market, price reactions to new demand are sharper.

BitMine’s Big Play

The most striking accumulation comes from Tom Lee’s BitMine, which just boosted its Ethereum treasury by another $358 million. The move involved transfers from Galaxy Digital and FalconX wallets, with BitMine now sitting on 1.95 million ETH, valued at more than $8.6 billion.

That hoard makes BitMine the undisputed leader among public Ethereum holders, more than double the size of SharpLink Gaming’s position. What’s notable is the pace: in just one week, BitMine added over 150,000 ETH, signaling aggressive conviction even during price dips.

A 1971 Moment for Ethereum?

Lee frames the strategy in historical terms. In interviews, he has compared Ethereum’s stage of adoption to Bitcoin in 2017, arguing that Wall Street hasn’t fully woken up to its role in tokenization, payments, and decentralized finance. He’s even called it Ethereum’s “1971 moment” — drawing parallels to the U.S. abandoning the gold standard, a pivot that reshaped the financial system.

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What Comes Next

Macro conditions may amplify the impact. The Federal Reserve is widely expected to cut rates in September, a move that has historically supercharged risk assets. If easing materializes, Ethereum could benefit from both increased liquidity and its growing role as an institutional reserve asset.

For now, short-term resistance could trigger brief pullbacks. But with players like BitMine buying dips and billions in ETH leaving circulation through staking and ETFs, the foundation for a longer rally may already be in place.

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