A second major corporate player in the cryptocurrency space is beginning to mirror the actions of the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, recently acquired 101,901 ether, valued at approximately $234 million. This purchase is comparable to the regular weekly buys made by Strategy, a digital treasury company led by Michael Saylor, as noted by prominent crypto trader Luke Martin. Strategy's typical weekly purchases fall within the $200 million to $300 million range, excluding large buys fueled by at-the-market sales of its perpetual preferred stock.
Bitmine's purchase marks its largest weekly accumulation in 2026, capping a four-month streak of increasing buys that started at around $76 million per week in early January. The firm now holds over 5 million tokens, representing about 4.21% of the second-largest cryptocurrency's circulating supply. This development is significant as Bitmine is now the only major corporate crypto buyer keeping pace with Strategy.
Most digital asset treasury companies paused or slowed accumulation following the February price drop, but Bitmine has continued to buy, with Lee framing the buying pace as a sign that ETH is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets. The firm has staked around 73% of its tokens, generating approximately $264 million in annualized revenue from yield, with total crypto and cash holdings at $13.3 billion as of early April. Both firms share a similar approach to capital markets activity, using equity issuance and convertible debt to purchase crypto assets. Despite facing pressure in February and early March, Bitmine continued to buy, and its accumulation pace has accelerated.
If this pattern continues, ether may soon have a consistent corporate buyer absorbing supply each week, regardless of price.