A second major corporate cryptocurrency accumulator, Bitmine Immersion Technologies, is mirroring the approach of the first, Strategy. Bitmine, led by Tom Lee, purchased 101,901 ether worth approximately $234 million, nearing Strategy's typical weekly buys of $200-300 million. This marks Bitmine's largest weekly accumulation in 2026, capping a four-month streak of increasing purchases. The company now holds over 5 million tokens, roughly 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 continued, with Lee framing the buying pace as a response to 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 $264 million in annualized revenue from yield, with total crypto and cash holdings at $13.3 billion as of early April. Both firms employ capital markets activity to purchase crypto assets, with Bitmine using equity issuance and Strategy using preferred stock and convertible debt.
Despite facing pressure in February and March with nearly $8 billion in unrealized losses, Bitmine maintained its buying pace, and two months later, ether is up 22% from its February lows. If this pattern continues, ether may see a corporate buyer absorbing supply each week, regardless of price, for the first time.