A second major player in the corporate crypto space is emerging as a significant accumulator of digital assets. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, has purchased 101,901 ether, valued at approximately $234 million, in its largest weekly buy this year. This move has brought the firm's accumulation pace closer to that of Strategy, a Michael Saylor-led company known for its substantial bitcoin purchases.
Notably, Strategy's typical weekly buys range from $200 million to $300 million, excluding large purchases fueled by at-the-market sales of its perpetual preferred stock. Bitmine's recent purchase marks its largest weekly accumulation in 2026, capping a four-month streak of increasing buys that began 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 that can keep pace with Strategy. Most digital asset treasury companies have paused or slowed their accumulation since the February price drop, but Bitmine has continued to buy, with Lee attributing the pace to the late stages of a 'mini-crypto winter' and a forming bottom in equity markets. The company has staked around 73% of its tokens, generating approximately $264 million in annualized revenue from yield, with total crypto and cash holdings valued 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 utilizing preferred stock and convertible debt. Despite facing pressure in February and early March, Bitmine has maintained its buying pace, with ether prices rising 22% from their February lows. If this pattern continues, ether may soon have a second major corporate buyer absorbing supply each week, regardless of price.