A second major corporate player in the cryptocurrency market is mirroring the actions of the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, acquired 101,901 ether, valued at approximately $234 million, last week.
This purchase is comparable to Strategy's typical weekly bitcoin buys, which range from $200 million to $300 million, excluding large purchases fueled by at-the-market sales of its perpetual preferred stock, STRC. The STRC spikes, which occur periodically, are exceptions rather than the norm. Bitmine's purchase marks its largest weekly accumulation of 2026, capping a four-month streak of escalating buys that began at roughly $76 million per week in early January. The company now holds 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 during 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 that a bottom is forming in equity markets. The firm has staked about 73% of its tokens, generating 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 firms employ similar capital markets strategies to purchase crypto assets. Despite facing pressure in February and early March, Bitmine has maintained its buying pace, and ether has risen 22% from its February lows.
If this pattern continues, ether will have a corporate buyer equivalent to Strategy, absorbing supply each week regardless of price.