Bitmine Immersion Technologies, the world's largest corporate holder of Ethereum, disclosed on March 9 that its total ETH holdings reached 4.535 million tokens as of March 8. Valued at $1,965 per ETH, the crypto portfolio is worth $8.9 billion; combined with $1.2 billion in cash and $200 million in equity, total assets stand at $10.3 billion. Chairman Tom Lee said the firm accelerated accumulation last week, adding 60,976 ETH, above the recent weekly pace of 45,000-50,000.
Rapid accumulation toward 5% supply goal
Lee explained the decision to “slightly quicken the pace” based on the firm's bottom signal assessment. Bitmine now controls 3.76% of the total ETH supply (~120.7 million), having already completed over 75% of its “5% Alchemy” target in less than eight months.
3.04 million ETH staked, $174M annual yield
The company has staked 3.04 million ETH, roughly 67% of its holdings. At $1,965 per token, the staked portion is valued at about $6 billion. Lee noted that with a 7-day annualized staking yield of 2.91%, once its proprietary staking infrastructure MAVAN (Made-in-America Validator Network) is fully deployed, annual staking revenue could reach $259 million; currently it stands at $174 million. MAVAN is slated for launch in Q1 2026, with three staking service providers already engaged.
Technical analogs point to this week's bottom
Citing analysis from Tom DeMark of DeMark Analytics, Lee said the 2026 Ethereum price trajectory closely mirrors the S&P 500's paths in fall 2011 and fall 1987, with correlation coefficients of 89% and 93% respectively. If the analogy holds, ETH's bottom should occur between March 8-14, slightly below the recent low of $1,740. Lee framed this as the “late stage of a mini-crypto winter” but cautioned that “no one rings a bell at the bottom,” calling it a probabilistic view rather than a certainty.
Bitmine's record holdings, accelerated buying, and Lee's public bottom call signal strong confidence in Ethereum. Yet ETH remains under pressure from oil price shocks and macro headwinds; whether the technical analog plays out awaits the market's verdict this week.