A second major corporate player in the cryptocurrency market is mirroring the buying patterns of the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, has purchased 101,901 ether worth approximately $234 million, nearing the weekly buying pace of Strategy, a bitcoin-focused digital treasury company. This development is significant as Bitmine is now the only major corporate buyer keeping pace with Strategy.
The firm's purchase marks its largest weekly accumulation of 2026, capping a four-month streak of escalating buys. Bitmine currently holds over 5 million tokens, representing about 4.21% of the second-largest cryptocurrency's circulating supply.
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 about 73% of its tokens, generating roughly $264 million in annualized revenue from yield, with total crypto and cash holdings at $13.3 billion as of early April.
Both Bitmine and Strategy employ similar capital markets strategies to purchase crypto assets, with Bitmine using equity issuance and Strategy using preferred stock and convertible debt. Despite facing pressure in February and early March, Bitmine continued buying and has seen its accumulation pace accelerate.
If this pattern holds, ether will have a corporate buyer absorbing supply each week, regardless of price, for the first time.