A second major corporate player in the cryptocurrency market is mirroring the accumulation strategy of the first. Bitmine Immersion Technologies, led by Tom Lee, has purchased 101,901 ether worth approximately $234 million, nearing the weekly buying pace of Strategy, the Michael Saylor-led digital treasury company. This development is noteworthy as Bitmine's purchase represents its largest weekly accumulation of 2026, following a four-month streak of increasing buys.
The company now holds over 5 million tokens, accounting for around 4.21% of the circulating supply of the second-largest cryptocurrency. This shift is significant, as Bitmine is now the only major corporate crypto buyer keeping pace with Strategy. Most digital asset treasury companies halted or slowed accumulation during the February price drop, but Bitmine continued its buying spree, with Lee attributing the strategy 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 roughly $264 million in annualized revenue from yield, with total crypto and cash holdings reaching $13.3 billion as of early April. Both firms employ similar capital markets strategies to purchase crypto assets, with Bitmine using equity issuance and Strategy utilizing 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 $234 million purchase last week marking the first time the structural baselines have come close to each other. If this pattern continues, ether will have a corporate buyer absorbing supply each week, regardless of price, for the first time.