BitMine Immersion Technologies (NYSE: BMNR) purchased 71,179 ETH in the week ending March 29 — the company's largest single-week acquisition of 2026 — lifting its total holdings to 4.732 million ETH, or 3.92% of the entire Ethereum supply of 120.7 million tokens.

The move stands out because it came as every other major corporate crypto buyer went quiet. Strategy (MSTR), the largest corporate Bitcoin holder, broke a 13-week consecutive bitcoin purchase streak last week. Most other digital asset treasuries either paused or reduced holdings amid the ongoing crypto market downturn.

BitMine's chairman Tom Lee — also CIO of Fundstrat — framed the acceleration as a contrarian bet on the market's final leg down. "Our base case is ETH is in the final stages of the mini-crypto winter," Lee wrote in the company's weekly update. He also pointed to an unusual macro signal: since the latest Iran conflict began, crypto has outperformed equities by roughly 1,160 basis points, while gold has lagged by over 750 bps.

Beyond spot accumulation, BitMine launched MAVAN (Made in America Validator Network) on March 25 — its in-house Ethereum staking infrastructure. The company now has 3.14 million ETH staked, generating yield while contributing to network security.

BitMine has publicly stated a target of accumulating 5% of all ETH supply — its so-called "Alchemy of 5%" goal — and at 3.92% it is over three-quarters of the way there. Total crypto and cash holdings stand at $10.7 billion. Institutional backers include ARK's Cathie Wood, Founders Fund, Pantera, Kraken, and Galaxy Digital.

The company is currently the 100th most-traded U.S. stock by daily dollar volume, averaging $920 million per day.