A second major corporate player in the cryptocurrency market is emerging, mirroring the accumulation strategy of a leading digital treasury company. Bitmine Immersion Technologies, led by Tom Lee, purchased approximately $234 million worth of ether, totaling 101,901 tokens, in its largest weekly buy this year.
This move brings Bitmine's accumulation pace closer to that of Strategy, a firm known for its consistent bitcoin purchases. Strategy's typical weekly buys range from $200 million to $300 million, excluding large purchases 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 escalating buys that started at around $76 million per week in early January.
The firm now holds over 5 million ether tokens, equivalent to 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 during the February price drop, but Bitmine has continued to buy, with Lee framing the buying pace as a response to the late stages of a 'mini-crypto winter' and a forming bottom in equity markets. The firm has staked about 73% of its ether 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 strategy of using capital markets activity to purchase crypto assets. Despite facing pressure in February and early March, Bitmine continued to buy, and its accumulation pace has not only held but accelerated.
If this pattern continues, ether will have a consistent corporate buyer absorbing supply each week, regardless of price, for the first time.