A second major corporate player in the cryptocurrency market is emulating the buying strategy of the first. Bitmine Immersion Technologies, led by Tom Lee, has purchased 101,901 ether valued at approximately $234 million, mirroring the regular weekly purchases of Strategy, a company known for its substantial bitcoin holdings.
Notably, Strategy's typical weekly buys range from $200 million to $300 million, excluding large purchases driven by sales of its STRC stock. This development is significant, as Bitmine is now the only major corporate entity keeping pace with Strategy's crypto buying spree.
Most digital asset treasury companies have slowed or paused their accumulation following the February price drop, but Bitmine has continued to escalate its purchases, now holding over 5 million tokens, roughly 4.21% of the circulating supply of the second-largest cryptocurrency. The company's buying strategy is based on the premise that the crypto market 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 staked about 73% of its tokens, generating approximately $264 million in annualized revenue. The firm's total crypto and cash holdings stood at $13.3 billion as of early April.
Both Bitmine and Strategy employ capital markets activities to purchase crypto assets, with the former using equity issuance and the latter utilizing preferred stock and convertible debt. Despite facing pressure in February and early March due to unrealized losses, Bitmine maintained its buying pace, which has now accelerated. If this pattern continues, ether may soon have a consistent corporate buyer absorbing supply each week, regardless of price.