A second major corporate player in the cryptocurrency market is now mirroring the buying patterns of the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, made a significant purchase of 101,901 ether, valued at approximately $234 million, in the past week.
This substantial acquisition brings Bitmine's buying pace closer to that of Strategy, the Michael Saylor-led digital treasury company known for its regular weekly bitcoin purchases. Notably, Strategy's typical weekly buys range from $200 million to $300 million, excluding large purchases fueled by sales of its perpetual preferred stock, STRC. The recent purchase by Bitmine marks its largest weekly accumulation of ether in 2026, capping a four-month streak of escalating buys that began in early January with roughly $76 million per week.
As a result, Bitmine 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 that is keeping pace alongside Strategy.
Most digital asset treasury companies paused or slowed their accumulation during the February price drop, but Bitmine has continued to buy, with Lee attributing this to the late stages of a 'mini-crypto winter' and the formation of a bottom in equity markets. The firm has staked approximately 73% of its tokens, generating around $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 share a similar approach to capital markets activity, using equity issuance and convertible debt to purchase crypto assets.
Despite facing pressure in February and early March due to unrealized losses, Bitmine continued to buy and has since seen its accumulation pace accelerate, with ether prices rising 22% from its February lows.