A second major corporate cryptocurrency accumulator, Bitmine, is mirroring the buying patterns of the first, Strategy. Bitmine Immersion Technologies, led by Tom Lee, purchased 101,901 ether worth approximately $234 million, nearing Strategy's typical weekly buys. Strategy's average weekly purchases range from $200 million to $300 million, excluding large buys fueled by its perpetual preferred stock, STRC.
Bitmine's purchase was its largest in 2026, marking a four-month streak of increasing buys. The firm now holds over 5 million tokens, roughly 4.21% of the circulating supply.
This development is significant as Bitmine is 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 buying, with Lee citing the late stages of a 'mini-crypto winter' and a forming bottom in equity markets. The firm has staked about 73% of its tokens, generating $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 playbook of capital markets activity to purchase crypto assets. Despite facing pressure in February and March, Bitmine's strategy has held, and its accumulation pace has accelerated. If this pattern continues, ether will have a consistent corporate buyer absorbing supply each week, regardless of price.