A second major corporate cryptocurrency accumulator, Bitmine Immersion Technologies, is mirroring the buying patterns of the first, Strategy. Led by Tom Lee, Bitmine purchased 101,901 ether, valued at approximately $234 million, in its largest weekly buy this year. This is comparable to Strategy's typical weekly purchases, which range from $200 million to $300 million, when excluding large buys driven by at-the-market sales of its STRC stock.
The recent purchase marks Bitmine's fourth consecutive month of increasing buys, starting with around $76 million per week in early January, and brings its total holdings to 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, but Bitmine has continued to buy, with Lee citing the late stages of a 'mini-crypto winter' and a forming bottom in equity markets.
The firm has staked about 73% of its tokens, generating roughly $264 million in annualized revenue from yield, with total crypto and cash holdings at $13.3 billion as of early April. Both firms employ similar capital markets strategies to purchase crypto assets, with Strategy using preferred stock and convertible debt, and Bitmine using equity issuance.
Despite facing pressure in February and early March with nearly $8 billion in unrealized losses, Bitmine maintained its buying pace, which has now accelerated. If this pattern continues, ether may see a consistent corporate buyer absorbing supply each week, regardless of price, for the first time.