Bitmine Immersion Technologies acquired 71,672 Ethereum tokens over the past week, raising its total holdings to 5.278 million ETH valued at roughly $11.05 billion.
Chairman Tom Lee said the company viewed Ethereum’s drop below $2,200 as a buying opportunity.
The acquisition strengthened Bitmine’s position as the world’s largest corporate holder of Ethereum.
The company now targets ownership of 5% of Ethereum’s circulating supply by 2026.
Bitmine moves closer to long-term Ethereum target
Lee disclosed the latest purchase on Monday as Ethereum continued trading under pressure. He said Bitmine plans to continue accumulating ETH despite recent market weakness.
The company currently trails only Michael Saylor’s Strategy among institutional cryptocurrency treasuries.
Ethereum’s circulating supply currently stands at 120.7 million coins. Bitmine needs another 756,538 ETH to achieve its target of controlling 5% of the network’s supply.
Lee projected the company would likely reach that milestone sometime in 2026.
Bitmine also deployed 4.71 million ETH through its Made in America Validator Network, known as MAVAN.
The validator operation currently generates annualized staking returns estimated at $289 million.
Ethereum remained under selling pressure throughout the week. Market analyst Daan Crypto Trades said ETH failed to break above the $2,400 resistance level before moving lower.
He noted that Ethereum could still retest that resistance zone early this week. However, he warned that continued weakness may push ETH below $2,000.
Daan Crypto Trades added that Bitcoin’s market direction will likely determine Ethereum’s next major move.
Whale accumulation returns as Ethereum struggles
Bitmine’s latest acquisition coincided with renewed whale activity across the Ethereum market.
Blockchain analytics platform Lookonchain reported that an original Ethereum whale returned to accumulation after selling all holdings last year.
According to the firm, the wallet purchased 1,951 ETH at an average price of $2,182. Lookonchain stated the address could continue buying in the coming sessions.
Ethereum price traded between $2,081 and $2,341 during the past seven days. As of Tuesday, ETH traded near $2,128 after recording an 8.7% weekly decline.
Ethereum previously reached an all-time high of $4,946 in August 2025. The cryptocurrency has since fallen roughly 57%.
Ethereum-focused investment products also recorded $249 million in net outflows last week.
Meanwhile, the market registered $322.4 million in liquidations during the past 24 hours. Long positions accounted for $296.9 million of the total liquidations.
Lee also addressed the CLARITY Act after the bill advanced through the Senate Banking Committee last week. He acknowledged that the legislation still faces obstacles before approval.
However, he said the probability of passage remains higher than the 61% odds currently reflected on the prediction platform Polymarket.
Ethereum technical analysis
The 1-day Ethereum chart is showing that ETH has shifted into a short-term bearish trend after failing to hold above the $2,300 resistance zone.
Price action shows lower highs, signaling weakening bullish momentum and increasing selling pressure.
Recent candles are mostly bearish, reflecting stronger control from sellers across the daily timeframe.
ETH is now trading near the $2,100 support level, which remains critical for short-term direction.
The RSI indicator sits near 34, showing weakening momentum and conditions approaching oversold territory.
RSI also remains below its moving average, confirming limited buying strength in the market.
The MACD indicator maintains a bearish crossover, with the MACD line staying below the signal line.
Negative histogram bars continue expanding, signaling increasing downside momentum and persistent seller activity.
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