A second major corporate player in the cryptocurrency market is beginning to mirror the accumulation strategy of the first. Bitmine Immersion Technologies, led by Tom Lee, has purchased 101,901 ether worth approximately $234 million, nearing the weekly buying pace of Strategy, a firm known for its significant bitcoin holdings. Strategy's typical weekly purchases range from $200 million to $300 million, excluding large buys fueled by at-the-market sales of its perpetual preferred stock. This recent purchase marks Bitmine's largest weekly accumulation of 2026, capping a four-month streak of increasing buys that started at around $76 million per week in early January.
The company now holds over 5 million tokens, accounting for about 4.21% of the circulating supply of the second-largest cryptocurrency. This development is noteworthy as Bitmine is now the only major corporate crypto buyer keeping pace with Strategy. Most digital asset treasury companies have paused or slowed their accumulation following the February price drop. Lee believes that ether is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets.
Bitmine has staked about 73% of its tokens, generating approximately $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 firms share a similar approach to capital markets activity, using equity issuance and convertible debt to purchase crypto assets.
Despite facing pressure in February and early March, Bitmine continued to buy, and two months later, ether has increased by 22% from its February lows. If this pattern persists, ether will have a consistent corporate buyer absorbing supply each week, regardless of price.