A second major corporate player in the cryptocurrency market is mirroring the moves of its predecessor. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, recently acquired 101,901 ether, valued at approximately $234 million. This purchase is comparable to the regular weekly buys made by Strategy, a digital treasury firm headed by Michael Saylor, as highlighted by prominent 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 purchase by Bitmine marks its largest weekly accumulation in 2026, capping a four-month streak of increasing buys that began at around $76 million per week in early January. The firm 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 following the February price drop that took bitcoin to the mid-$60,000s and ether below $1,900. Lee believes that ETH is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets. Bitmine adopted its current strategy in June 2025 and reached the 5 million ETH milestone in roughly 10 months. The firm has staked about 73% of those tokens, generating approximately $264 million in annualized revenue from yield.

Total crypto and cash holdings stood at $13.3 billion as of early April. Both firms employ a similar playbook of capital markets activity to purchase crypto assets. Despite facing pressure in February and early March, when it was sitting on nearly $8 billion in unrealized losses, Bitmine continued to buy. Two months later, ether is up 22% from its February lows, and Bitmine's accumulation pace has not only held but accelerated.

If this pattern persists for another month, ether will have a corporate buyer equivalent to Strategy, absorbing supply each week regardless of price.