Bitmine accelerated purchases last week with 60,976 ETH! Tom Lee: Ethereum is in the late stage of the "bear market," and the bottom could be seen as early as this week.

Ethereum Reserve Company Bitmine Announces Latest Holdings on Taipei Time, March 9: Ethereum Holdings Reach a Total of 4.535 Million Coins. Based on March 8’s price of $1,965 per coin, the total value of cryptocurrencies, cash, and investments amounts to $10.3 billion, maintaining its position as the world’s largest ETH treasury. Chairman Tom Lee stated that last week they accelerated accumulation by 60,976 ETH, and citing technical analysis comparisons to the 2011 and 1987 S&P 500 trends, they believe Ethereum is in the late stage of a “mini-bear market,” with the bottom possibly between March 8 and 14.
(Background: Culper Research shorted ETH, BitMine: Ethereum has entered a death spiral, Fusaka upgrade fee collapsed 90%)
(Additional context: Bitmine bought an additional 50,000 ETH, bringing total holdings to 4.47 million! Tom Lee: Ethereum is still undervalued)

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• Weekly increase of 60,976 coins, accelerating the “5% Alchemy” plan
• 3.04 million ETH staked, with an annualized staking yield of $174 million
• Tom Lee: ETH trend likened to 1987 and 2011, bottom expected this week

Despite macro headwinds, Bitmine has not slowed down but instead actively accelerated purchases. The world’s largest Ethereum treasury company, Bitmine Immersion Technologies, announced its latest holdings on March 9 Taipei time: as of March 8, ETH holdings totaled 4.535 million coins, with a market value of about $8.9 billion based on $1,965 per coin. Including $1.2 billion in cash and $200 million in Beast Industries equity, total assets reach $10.3 billion.

What’s more notable is Chairman Tom Lee’s assessment. He references technical analysis models indicating that Ethereum’s current trend closely matches the fall of 2011 and fall of 1987 in the S&P 500, with correlation coefficients of 89% and 93%, respectively. Based on this, he judges that the market is in the late stage of a “mini-crypto winter,” with the bottom possibly between March 8 and 14.

Weekly increase of 60,976 coins, accelerating the “5% Alchemy” plan

This week, Bitmine’s accumulation was significantly higher than recent levels. Tom Lee stated that last week they added 60,976 ETH, exceeding the previous few weeks’ average weekly increase of about 45,000 to 50,000 coins. He explained that, given their assessment of bottom signals, they decided to “slightly accelerate ETH accumulation.” Currently, Bitmine holds about 3.76% of the global ETH supply (approximately 120.7 million coins), steadily progressing toward their core goal of “5% Alchemy,” achieving over 75% of the target in less than 8 months.

3.04 million ETH staked, with an annualized staking yield of $174 million

In terms of holdings, Bitmine has staked 3.04 million ETH, accounting for about 67% of total holdings. The company emphasizes that, based on the current price of $1,965 per coin, the staked position’s market value is approximately $6 billion. Tom Lee states that, with Bitmine’s own staking operation yielding an annualized return of 2.91% over 7 days, once MAVAN (the U.S. Manufacturing Verification Network) is fully deployed, the annualized staking yield could reach $259 million; the current annualized yield is already $174 million.

MAVAN is Bitmine’s self-developed staking infrastructure, expected to launch in Q1 2026, aiming to become the industry’s best staking solution. Bitmine has partnered with three staking service providers and continues to prepare for MAVAN’s rollout.

Tom Lee: ETH trend likened to 1987 and 2011, bottom expected this week

Tom Lee’s market timing judgment is the most closely watched part of this announcement. He cites analysis from Bitmine’s technical advisor, Tom DeMark of DeMark Analytics, indicating that Ethereum’s price trajectory in 2026 closely resembles the paths of the S&P 500 in fall 2011 and fall 1987, with correlation coefficients of 89% and 93%. If these historical analogies hold, ETH’s bottom could be between March 8 and 14, slightly below the recent low of $1,740. He adds that this aligns with the basic scenario of a “mini-bear market” in crypto, but also cautions with the market adage: “No one rings the bell at the bottom,” emphasizing that this is a probabilistic judgment, not a certainty.

From a holding size of 4.535 million coins, the accelerated accumulation pace, to the public stance on bottom timing, Bitmine demonstrates high confidence in Ethereum’s future. However, as of press time, ETH remains volatile amid oil price shocks and macro headwinds. Whether the technical analysis analogies will materialize remains to be seen as the market responds this week.