A second major corporate player in the cryptocurrency market is emulating the buying patterns of the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, has purchased 101,901 ether valued at approximately $234 million, closely mirroring the weekly buys of Strategy, a digital treasury company headed by Michael Saylor. This development is significant as Bitmine is now the only major corporate buyer to match Strategy's pace. The firm's purchase marks its largest weekly accumulation in 2026, following a four-month streak of increasing buys that began in January.
Bitmine currently holds over 5 million tokens, representing about 4.21% of the circulating supply of the second-largest cryptocurrency. The firm's buying strategy is based on the assumption that the cryptocurrency market is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets. By staking about 73% of its tokens, Bitmine generates roughly $264 million in annualized revenue from yield, with total crypto and cash holdings amounting to $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 March due to unrealized losses, Bitmine continued to buy, and its accumulation pace has accelerated.
If this trend persists, ether may soon have a corporate buyer equivalent to Strategy, absorbing supply weekly regardless of price.