A second major corporate player in the cryptocurrency market, Bitmine Immersion Technologies, is emulating the accumulation strategy of its counterpart, Strategy. Led by Fundstrat's Tom Lee, Bitmine purchased 101,901 ether, valued at approximately $234 million, marking its largest weekly buy this year. This move brings Bitmine's accumulation pace closer to that of Strategy, which is known for its regular weekly bitcoin purchases. Strategy's typical weekly buys range from $200 million to $300 million, excluding large purchases fueled by at-the-market sales of its STRC stock.

Bitmine's recent purchase caps a four-month streak of escalating buys, which started at around $76 million per week in early January, and the firm now holds over 5 million tokens, roughly 4.21% of ether's circulating supply. 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 and Strategy have continued their buying streaks.

Lee attributes the buying pace to ether being in 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 about 73% of its tokens, generating around $264 million in annualized revenue from yield. The firm's total crypto and cash holdings stood at $13.3 billion as of early April. Both Bitmine and Strategy employ similar capital markets strategies, including equity issuance and convertible debt, to purchase crypto assets.

Despite facing pressure in February and early March, Bitmine continued its buying strategy, and two months later, ether has seen a 22% increase from its February lows, with Bitmine's accumulation pace accelerating. While Strategy's April 21 purchase of $2.54 billion remains the largest single corporate crypto buy this year, Bitmine's recent $234 million purchase brings the structural baselines of the two firms within striking distance of each other.

If this pattern continues, ether may see a consistent corporate buyer absorbing supply each week, regardless of price, for the first time.