Ethereum Surges 27% After Tom Lee’s BitMine Acquires 9,946 ETH in Single Transaction
Ethereum’s price surged by 27% over the past 48 hours, breaking above $3,500, after on-chain data revealed that BitMine, a mining and investment firm co-founded by prominent Wall Street strategist Tom Lee, acquired 9,946 ETH in a single transaction. The move, confirmed by multiple blockchain tracking services, represents one of the largest single-wallet accumulations of the year and has injected fresh bullish momentum into the broader cryptocurrency market.
BitMine’s $30 Million ETH Bet
According to data from Etherscan, the wallet address linked to BitMine received the 9,946 ETH from a centralized exchange in a series of rapid transfers over a two-hour window on Tuesday. The total value of the acquisition was approximately $32.8 million at the average price of $3,300 per ETH during the transaction window.
Also read: Aave Founder Stani Kulechov Warns New Ethereum Proposal Could Punish Growth
Tom Lee, best known for his accurate Bitcoin price predictions as co-founder of Fundstrat Global Advisors, has been increasingly vocal about Ethereum’s potential as a store of value and platform for decentralized finance. In a recent interview on CNBC, Lee described Ethereum as “the most undervalued major asset in crypto” and suggested that institutional adoption was accelerating faster than most market participants realized.
BitMine has not issued a formal press release regarding the purchase, but the on-chain data provides transparent, verifiable evidence of the firm’s increased exposure to ETH. The company’s mining operations have historically focused on Bitcoin, making this a notable strategic pivot.
Also read: Ethereum Holds Key Support as Arthur Hayes Re-Enters and ETF Inflows Hit 2026 High
Market Reaction and Broader Implications
The announcement of the accumulation triggered an immediate price reaction. Ethereum rose from $2,980 to a local high of $3,790 within 24 hours, before settling around $3,550 at the time of writing. Trading volume on major exchanges spiked to $28 billion, more than double the daily average of the previous week.
The rally also lifted other major cryptocurrencies. Bitcoin gained 6% to trade above $68,000, while Solana and Cardano posted gains of 8% and 11% respectively. The total cryptocurrency market capitalization increased by $120 billion during the same period, according to data from CoinGecko.
Analysts at JPMorgan noted in a research note that large-scale accumulations by mining firms often precede sustained price appreciation, as they signal that sophisticated operators with deep industry knowledge are willing to hold through market volatility. “When miners become buyers rather than sellers, it is a powerful demand-side signal,” the note stated.
What to Watch Next
The key question for traders now is whether the rally can sustain above the $3,500 resistance level. Ethereum has faced repeated rejection at this price point over the past three months, and a failure to hold could lead to a pullback toward $3,200.
Several factors will influence the next move. The upcoming Ethereum network upgrade, scheduled for late next month, is expected to improve scalability and reduce transaction fees. Additionally, the U.S. Securities and Exchange Commission is expected to rule on several spot Ethereum ETF applications in the coming weeks, which could open the door for billions of dollars in institutional capital.
For now, BitMine’s move has shifted market sentiment decisively bullish. Whether other large holders follow suit will determine whether this is the start of a broader uptrend or a short-lived spike.
