A second major corporate player in the cryptocurrency market is mirroring the buying patterns of the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, has purchased 101,901 ether worth approximately $234 million, nearing the weekly buying pace of Strategy, a company known for its significant bitcoin accumulation. This development is notable as Bitmine is now the only major corporate buyer keeping pace with Strategy. The purchase marks Bitmine's largest weekly ether accumulation in 2026, capping a four-month streak of increasing buys.
The firm's holdings now exceed 5 million tokens, representing about 4.21% of the circulating supply of the second-largest cryptocurrency. Most digital asset treasury companies have paused or slowed their accumulation due to 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. Bitmine and Strategy share a similar approach to capital markets activity, using equity issuance and preferred stock to purchase crypto assets.
Despite facing pressure in February and early March, Bitmine has maintained its buying pace, with ether prices up 22% from their February lows. The firm's accumulation pace has not only held but has accelerated, with its $234 million purchase last week marking the first time the structural baselines have come within striking distance of each other.