A second major corporate cryptocurrency accumulator, Bitmine, is mirroring the accumulation strategy of the first, Strategy. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, acquired 101,901 ether worth $234 million, nearing the weekly purchases of Strategy, led by Michael Saylor. Strategy's typical weekly buys range from $200 million to $300 million, excluding large purchases fueled by its perpetual preferred stock, STRC.
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 during the February price drop, but Bitmine continued, with Lee stating that ETH is in the late stages of a 'mini-crypto winter' and a bottom is forming in equity markets. The firm has staked about 73% of its 5 million ETH 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 use similar capital markets strategies to purchase crypto assets, with Bitmine's approach put under pressure in February and March but continuing to buy and accelerate its accumulation pace.