BitMine Immersion Technologies (BMNR), the world's largest corporate Ethereum (ETH) holder, purchased 60,976 tokens last week in its biggest weekly acquisition of 2026, pushing total holdings to 4.535 million ETH and bringing the firm's combined crypto, cash and investment assets to $10.3 billion.
What Happened: Record Weekly Accumulation
The Las Vegas-based firm accelerated its buying pace from a recent weekly average of 45,000 to 50,000 ETH.
The latest batch brought BitMine's share of the total Ethereum supply to approximately 3.76%.
That figure places the company more than 75% of the way toward its stated target of holding 5% of all ETH — a goal it calls the "Alchemy of 5%" — achieved within eight months of launching the strategy. BitMine disclosed that 3,040,483 of its tokens are staked, valued at roughly $6 billion at an ETH price of $1,965 at the time of the announcement. The firm's remaining assets include $1.2 billion in cash and smaller positions in other cryptocurrencies.
Chairman Tom Lee said the company deliberately stepped up purchases amid what he described as the final stretch of a prolonged downturn. "We continue to believe that crypto prices are in the late/final stages of the 'mini-crypto winter,'" Lee said.
Also Read: Bitcoin Exchange Reserves Hit 2019 Lows — What Comes Next?
Why It Matters: Historical Patterns Signal Bottom
Lee cited analysis from BitMine advisor Tom DeMark of DeMark Analytics, who found that Ethereum's 2026 price trajectory closely mirrors patterns in the S&P 500 during the falls of 2011 and 1987. The correlation coefficients stand at 89% and 93%, respectively.
If those historical parallels hold, ETH could reach its lowest point between Mar. 8 and Mar. 14, potentially dipping just below the recent low of $1,740 — a decline of roughly 14% from trading levels at the time of the statement.
On Monday, Ethereum gained 4% and reclaimed the $2,000 level after slipping below that threshold over the weekend. BMNR stock also rose, trading at $20.70 per share — a 10% increase — at the time of the company's update.