BitMine Immersion Technologies (BMNR), the largest corporate holder of Ethereum in the world (ETH), purchased 60,976 tokens last week during its largest weekly acquisition of 2026, bringing its total holdings to 4.535 million ETH and the combined value of its crypto assets, cash, and investments to $10.3 billion.

What happened: record weekly accumulation

The Las Vegas-based company has accelerated its purchasing pace, moving 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%.

This figure places the company at over 75% of its stated goal of holding 5% of all ETH — a goal it calls 'the Alchemy of 5%' — achieved in less than eight months after the strategy was launched. BitMine indicated that 3 040 483 of its tokens are staked, worth approximately $6 billion based on an ETH price of $1,965 at the time of the announcement. The company's other assets include $1.2 billion in cash and smaller positions in other cryptocurrencies.

President Tom Lee stated that the company had deliberately ramped up its purchases at what he describes as the final phase of a long downturn. 'We continue to think that crypto prices are in the last/ultimate phases of the “mini crypto winter”,' Lee said.

Also read: Bitcoin Exchange Reserves Hit 2019 Lows — What Comes Next?

Why this matters: historical patterns signal a bottom

Lee cited the analysis of BitMine's advisor, Tom DeMark, of DeMark Analytics, who found that the trajectory of Ethereum's price in 2026 closely mirrors the patterns of the S&P 500 index in the fall of 2011 and 1987. The correlation coefficients are 89% and 93%, respectively.

If these historical parallels hold true, ETH could hit its lowest point between March 8 and 14, potentially falling just below the recent low of $1,740 — a drop of about 14% compared to trading levels at the time of the statement.

On Monday, Ethereum gained 4% and regained the $2,000 threshold after dipping below it over the weekend. BMNR stock also rose, trading at $20.70 per share — a 10% increase — at the time of the company update.

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