A second major corporate entity is emulating the cryptocurrency accumulation strategy of its predecessor. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, has purchased 101,901 ether valued at approximately $234 million, nearing the weekly buying pace of Strategy, a digital treasury company headed by Michael Saylor.

This development is notable as Bitmine is now the only major corporate buyer to match Strategy's buying pace. The firm's purchase marks its largest weekly ether accumulation in 2026, culminating a four-month streak of increasing buys that commenced at around $76 million per week in early January.

Bitmine currently holds over 5 million tokens, representing about 4.21% of the second-largest cryptocurrency's circulating supply. This structural development is significant, as Bitmine is now the sole major corporate crypto buyer keeping pace with Strategy. Most digital asset treasury companies have paused or slowed accumulation since the February price drop, whereas Strategy itself ended a 13-week bitcoin buying streak in late March before resuming in April.

Tom Lee's perspective on the buying pace is that ether is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets. Since pivoting to its current strategy in June 2025, Bitmine has reached the 5 million ETH milestone in roughly 10 months.

Approximately 73% of these tokens have been staked, generating around $264 million in annualized revenue from yield. As of early April, the firm's total crypto and cash holdings stood at $13.3 billion. Both firms share a similar approach to capital markets activity, utilizing preferred stock and convertible debt for Strategy, and equity issuance for Bitmine, to purchase crypto assets.

Despite facing pressure in February and early March due to nearly $8 billion in unrealized losses, Bitmine continued buying. Two months later, ether has risen 22% from its February lows, and Bitmine's accumulation pace has not only held but accelerated.

Strategy's $2.54 billion purchase on April 21 remains the largest single corporate crypto buy of the year, but Bitmine's $234 million purchase last week marks the first time the structural baselines have come within striking distance of each other. If this pattern continues for another month, ether will have a corporate buyer absorbing supply each week, regardless of price, for the first time.