A second major player in corporate cryptocurrency investment is emerging, mirroring the strategy of a pioneering firm. Bitmine Immersion Technologies, led by Tom Lee, purchased 101,901 ether, valued at approximately $234 million, in its largest weekly buy this year. This move brings Bitmine closer to Strategy, led by Michael Saylor, in terms of regular weekly cryptocurrency purchases. Strategy's typical weekly buys range from $200 million to $300 million, excluding large purchases fueled by sales of its perpetual preferred stock.
Bitmine's purchase marks its largest weekly accumulation in 2026, following a four-month trend of increasing buys that started at around $76 million per week in January. The firm now holds over 5 million tokens, approximately 4.21% of the circulating supply of the second-largest cryptocurrency.
This development is significant as Bitmine is now the only major corporate buyer keeping pace with Strategy. Most digital asset treasury companies paused or slowed accumulation during the February price drop, but Bitmine continued its buying streak.
Tom Lee's strategy is based on the belief that ETH 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 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 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 March, Bitmine maintained its buying pace, and two months later, ether is up 22% from its February lows. If this trend continues, ether will have a corporate buyer absorbing supply each week, regardless of price, similar to Strategy's bitcoin buys.