A second major corporate cryptocurrency accumulator is mirroring the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, acquired 101,901 ether worth approximately $234 million, nearing Strategy's weekly purchases. Strategy's normal weekly buys range from $200 million to $300 million, excluding large purchases fueled by at-the-market sales of its STRC stock. Bitmine's purchase was its largest weekly accumulation in 2026, marking a four-month streak of increasing buys.
The firm now holds over 5 million tokens, roughly 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 paused or slowed accumulation during the February price drop, but Bitmine continued buying, with Lee stating that ETH is in the late stages of a 'mini-crypto winter' and a bottom is forming in equity markets. The firm has staked about 73% of its tokens, generating approximately $264 million in annualized revenue from yield, with total crypto and cash holdings at $13.3 billion as of early April.