A second major corporate player in the cryptocurrency market, Bitmine Immersion Technologies, is now mirroring the buying patterns of its peer, Strategy. Led by Tom Lee, Bitmine acquired 101,901 ether, valued at approximately $234 million, in its largest weekly purchase of 2026.
This move brings the company closer to Strategy's typical weekly bitcoin buys, which average between $200 million and $300 million, excluding large purchases fueled by at-the-market sales of its perpetual preferred stock. Bitmine's purchase caps a four-month streak of increasing buys, starting with around $76 million per week in early January, and has amassed over 5 million tokens, representing about 4.21% of the circulating supply of the second-largest cryptocurrency.
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 following the February price drop, but Bitmine has continued to buy, 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 around 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 firms employ capital markets activity to purchase crypto assets, with Strategy using preferred stock and convertible debt, and Bitmine using equity issuance.
Despite facing pressure in February and early March with nearly $8 billion in unrealized losses, Bitmine has maintained its buying pace, which has now accelerated. If this pattern continues, ether may see a Strategy-equivalent corporate buyer absorbing supply each week, regardless of price.