A notable trend is emerging in the cryptocurrency market as Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, increases its ether purchases. The company bought 101,901 ether, valued at approximately $234 million, in its largest weekly purchase this year.
This move brings Bitmine's accumulation pace closer to that of Strategy, a company known for its regular bitcoin buys. Strategy's typical weekly purchases range from $200 million to $300 million, excluding large buys fueled by its STRC stock sales. Bitmine's purchase marks its largest weekly accumulation in 2026, following a four-month streak of escalating buys that started at around $76 million per week in early January.
The company 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 during 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 Bitmine and Strategy employ similar capital markets strategies to purchase crypto assets, with Bitmine using equity issuance and Strategy using preferred stock and convertible debt. Despite facing pressure in February and early March, Bitmine maintained its buying pace, and two months later, ether has risen 22% from its February lows.
The firm's accumulation pace has not only held but accelerated, with its recent $234 million purchase marking the first time the structural baselines have come within striking distance of each other. If this pattern continues, ether may soon have a corporate buyer equivalent to Strategy, absorbing supply each week regardless of price.