A second major corporate player in the cryptocurrency market, Bitmine Immersion Technologies, is emulating the approach of its counterpart, Strategy. Led by Fundstrat's Tom Lee, Bitmine purchased approximately $234 million worth of ether, comprising 101,901 tokens, in its largest weekly buy this year. This move brings Bitmine's accumulation pace closer to that of Strategy, which is led by Michael Saylor and has been consistently buying bitcoin. Notably, Strategy's purchases, excluding large buys fueled by at-the-market sales of its perpetual preferred stock, typically range from $200 million to $300 million per week.
Bitmine's recent purchase marks its largest weekly accumulation in 2026, following a four-month streak of increasing 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 cryptocurrency's circulating supply.
This development is significant as Bitmine is now the only major corporate crypto buyer that is keeping pace with Strategy. Most digital asset treasury companies had paused or slowed their accumulation following the February price drop, but Bitmine has continued its buying spree. Lee attributes the buying pace to the belief that ether is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets. Since pivoting to its current strategy in June 2025, Bitmine has reached the 5 million ether milestone in roughly 10 months.
The firm has staked about 73% of these tokens, generating approximately $264 million in annualized revenue from yield. As of early April, total crypto and cash holdings stood at $13.3 billion. Both Strategy and Bitmine employ similar capital markets strategies, such as preferred stock and equity issuance, to purchase crypto assets.
Despite facing pressure in February and early March due to unrealized losses, Bitmine has continued to buy, and its accumulation pace has accelerated. If this pattern persists, ether will have a consistent corporate buyer absorbing supply each week, regardless of price, for the first time.