A second major corporate entity is emulating the cryptocurrency accumulation strategy of the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, acquired 101,901 ether, valued at approximately $234 million, in its most substantial weekly purchase of the year. This move brings Bitmine's buying pace closer to that of Strategy, a bitcoin-focused digital treasury company headed by Michael Saylor, as highlighted by crypto trader Luke Martin. Strategy's typical weekly purchases range from $200 million to $300 million, excluding large buys fueled by at-the-market sales of its perpetual preferred stock, STRC.

The recent $2.54 billion purchase on April 21 is an outlier, rather than the norm. Bitmine's purchase marks its largest weekly accumulation in 2026, capping a four-month streak of increasing buys that started at around $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 slowed or paused accumulation during the February price drop, but Bitmine has continued to buy, with Lee attributing the buying pace to the late stages of a 'mini-crypto winter' and a forming bottom in equity markets. Since pivoting to its current strategy in June 2025, Bitmine has staked approximately 73% of its tokens, generating around $264 million in annualized revenue from yield, with total crypto and cash holdings standing at $13.3 billion as of early April.

Both firms employ a similar capital markets strategy, utilizing equity issuance and convertible debt to purchase crypto assets. Despite facing pressure in February and early March, when the company was sitting on nearly $8 billion in unrealized losses, Bitmine continued to buy, and two months later, ether has risen 22% from its February lows, with Bitmine's accumulation pace accelerating.

If this pattern persists, ether may soon have a second major corporate buyer absorbing supply weekly, regardless of price.