A second major corporate player in the cryptocurrency market is emulating the approach of the first, as Bitmine Immersion Technologies, led by Tom Lee, accelerates its ether purchases. The company bought 101,901 ether worth around $234 million last week, nearing the weekly purchase levels of Strategy, led by Michael Saylor. This development is significant, as Bitmine is now the primary corporate entity keeping pace with Strategy's bitcoin accumulation. The purchase marks Bitmine's largest weekly ether buy this year, with the firm now holding over 5 million tokens, approximately 4.21% of the circulating supply of the second-largest cryptocurrency.
Most digital asset treasury companies paused or slowed their accumulation following the February price drop, but Bitmine continued its buying streak, with Lee attributing the strategy to the late stages of a 'mini-crypto winter' and a forming bottom in equity markets. The firm has staked about 73% of its tokens, generating around $264 million in annualized revenue from yield, with total crypto and cash holdings at $13.3 billion as of early April.