A second major corporate player in the cryptocurrency market, Bitmine Immersion Technologies, is emulating the buying strategy of its counterpart, Strategy. Led by Fundstrat's Tom Lee, Bitmine acquired 101,901 ether, valued at approximately $234 million, in its largest weekly purchase this year.
This move is seen as a significant development, as it brings Bitmine's accumulation pace closer to that of Strategy, which is known for its regular weekly bitcoin buys. Notably, Strategy's purchases, excluding large buys fueled by its at-the-market sales of perpetual preferred stock, typically range between $200 million and $300 million. Bitmine's recent purchase marks its largest weekly accumulation in 2026, capping a four-month streak of escalating buys that began in early January. The firm now holds over 5 million tokens, representing about 4.21% of the second-largest cryptocurrency's circulating supply.
This development is crucial, 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 attributing this to his belief that ETH 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 ETH milestone in roughly 10 months, with about 73% of those tokens staked, generating approximately $264 million in annualized revenue from yield. The firm's total crypto and cash holdings stood at $13.3 billion as of early April.
Both Strategy and Bitmine employ a playbook of capital markets activity to purchase crypto assets, with the former using preferred stock and convertible debt, and the latter using equity issuance. Despite facing pressure in February and early March, when it was sitting on nearly $8 billion in unrealized losses, 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.