A second major corporate player in the cryptocurrency market is starting to mirror the buying patterns of the first. Bitmine Immersion Technologies, led by Tom Lee, purchased 101,901 ether worth around $234 million last week, nearing the weekly buying pace of Strategy, led by Michael Saylor. Strategy's typical weekly buys range from $200 million to $300 million, excluding large purchases fueled by sales of its perpetual preferred stock.
Bitmine's purchase was its largest weekly accumulation in 2026, capping a four-month streak of increasing buys that began at approximately $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 because Bitmine is now the only major corporate crypto buyer keeping pace with Strategy.
Most digital asset treasury companies paused or slowed accumulation during the February price drop, but Bitmine continued its buying streak. Lee believes 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.
Total crypto and cash holdings stood at $13.3 billion as of early April. Both firms use capital markets activity to purchase crypto assets, with Strategy using preferred stock and convertible debt, and Bitmine using equity issuance.
Despite facing pressure in February and early March, Bitmine continued buying and has seen its accumulation pace accelerate. If this pattern continues, ether will have a consistent corporate buyer absorbing supply each week, regardless of price.