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 firm led by Michael Saylor. This development is significant 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 now holds over 5 million tokens, representing about 4.21% of the second-largest cryptocurrency's circulating supply. Most digital asset treasury companies slowed or paused accumulation during the February price drop, but Bitmine continued its buying spree.
Lee believes that ETH is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets. Bitmine has staked around 73% of its tokens, generating roughly $264 million in annualized revenue from yield. The firm's total crypto and cash holdings stood 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 continued to buy, and its accumulation pace has accelerated.
If this pattern continues, ether will have a corporate buyer absorbing supply each week, regardless of price, for the first time.