A notable trend is emerging in the corporate cryptocurrency accumulation space, with Bitmine Immersion Technologies (BMNR) mirroring the buying patterns of Strategy (MSTR), a prominent digital treasury company. Led by Fundstrat's Tom Lee, Bitmine purchased 101,901 ether (ETH) worth approximately $234 million, its largest weekly buy this year. This development brings Bitmine's accumulation pace closer to Strategy's regular weekly purchases of around $200 million to $300 million, excluding large buys fueled by at-the-market sales of its perpetual preferred stock STRC.
The STRC spikes, which occur periodically, are not representative of the baseline buying pace. Bitmine's purchase marks the culmination of a four-month streak of escalating buys, which began at roughly $76 million per week in early January. The company now holds over 5 million tokens, accounting for approximately 4.21% of the second-largest cryptocurrency's circulating supply. This structural shift is significant, as Bitmine is now the only major corporate crypto buyer keeping pace alongside Strategy.
Most digital asset treasury companies slowed or paused accumulation during the February price drop, but Bitmine has continued to buy, with Lee attributing this to his belief that ETH 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, with about 73% of those tokens staked, 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 Strategy and Bitmine employ capital markets activity, such as preferred stock and convertible debt, to purchase crypto assets. Bitmine's strategy faced pressure in February and early March, with nearly $8 billion in unrealized losses against $16 billion in total purchases.
However, the firm continued to buy, and two months later, ether has risen 22% from its February lows, with Bitmine's accumulation pace not only holding but accelerating. While Strategy's April 21 purchase of $2.54 billion remains the largest single corporate crypto buy of the year, 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 persists for another month, ether will have a corporate buyer absorbing supply each week, regardless of price, a development it has never seen before.