A second major corporate player in the cryptocurrency market is emerging with a buying strategy similar to that of the first. Bitmine Immersion Technologies, led by Tom Lee, purchased 101,901 ether worth approximately $234 million, nearing the weekly buying pace of Strategy, led by Michael Saylor.
This move marks a significant development, as Bitmine is now the only major corporate crypto buyer keeping pace with Strategy. The company's purchase is its largest weekly accumulation of 2026, following a four-month streak of escalating buys. Bitmine now holds over 5 million tokens, representing about 4.21% of the circulating supply of the second-largest cryptocurrency. The firm's buying strategy is based on the notion that ether is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets.
With about 73% of its tokens staked, Bitmine generates roughly $264 million in annualized revenue from yield, and its total crypto and cash holdings stood at $13.3 billion as of early April. Both Bitmine and Strategy employ 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 due to unrealized losses, Bitmine continued to buy, and two months later, ether has risen 22% from its February lows. The firm's accumulation pace has not only held but accelerated, with its $234 million purchase last week being the first time the structural baselines have come close to each other.
If this pattern continues, ether may soon have a corporate buyer equivalent to Strategy, absorbing supply each week regardless of price.