A second major corporation is now emulating the first in terms of cryptocurrency accumulation. Bitmine Immersion Technologies, led by Tom Lee, purchased approximately $234 million worth of ether, totaling 101,901 tokens. This move brings the firm closer to Strategy's weekly bitcoin purchases, which typically range from $200 million to $300 million, excluding large buys fueled by at-the-market sales of its perpetual preferred stock. Bitmine's purchase is its largest this year, capping a four-month streak of escalating buys that started at around $76 million per week.
The company now holds over 5 million tokens, representing about 4.21% of the second-largest cryptocurrency'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 have paused or slowed accumulation, but Bitmine has continued to buy, with Lee stating that ether is in the late stages of a 'mini-crypto winter' and that a bottom is forming 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 firms 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 has continued to buy, with ether rising 22% from its February lows. If this pattern continues, ether will have a corporate buyer absorbing supply each week, regardless of price, for the first time.