BitMine's ETH Empire: Snapping Up 3.66% of Supply in the Dip

Led by Tom Lee, BitMine Immersion Technologies (BMNR) has fiercely grown its Ethereum coffers, most lately increasing holdings to around 4.423 million ETH as of late February 2026. This positions the corporation as the biggest public ETH holder, commanding nearly 3.66% of the overall circulating supply (around 120.7–121.5 million ETH). Recent weekly purchases, including a noteworthy increase of around 51,162 ETH worth $98 million, show continued accumulation even in a bear market with much of the stash—over 3 million ETH—already staked via their infrastructure for yield production.

Seeing Ethereum as fundamental infrastructure, the plan targets 5% of all supply (the "Alchemy of 5%"), with BitMine already more than 73% toward that aim in only months. With the planned release of their MAVAN staking network in Q1 2026, they want to scale more and create substantial staking revenue—annualized estimates of $171–249 million based on recent yields. This daring strategy runs counter to more general market pressure, which includes ETH's latest fall to probe supports around $1,960–$2,000.

BitMine's confidence purchasing strengthens the supply squeeze story in line with other whale accumulation as ETH indicates oversold signals on technicals such as RSI and is holding vital levels around $1,900–$2,000. If support holds, this could drive a comeback to $2,200–$2,500; however, a break lower threatens further losses to $1,800. Despite near-term volatility, BitMine's actions point to a robust institutional faith in the future of ETH.