A second major corporate player in the cryptocurrency space is mirroring the buying patterns of a pioneering firm. Bitmine Immersion Technologies, led by Tom Lee, has purchased 101,901 ether valued at approximately $234 million, nearing the weekly buying pace of Strategy, as noted by crypto trader Luke Martin.
Strategy's typical weekly purchases range from $200 million to $300 million, excluding large buys fueled by sales of its perpetual preferred stock, STRC. Bitmine's acquisition is its largest weekly buy in 2026, capping a four-month streak of escalating purchases. The firm now holds over 5 million tokens, representing about 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 have paused or slowed accumulation following the February price drop, but Bitmine has continued its buying spree. Tom Lee believes that ETH is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets. The firm has staked about 73% of its tokens, generating roughly $264 million in annualized revenue from yield, with total crypto and cash holdings reaching $13.3 billion as of early April. Both firms employ a similar strategy, utilizing capital markets activity to purchase crypto assets.
Despite facing pressure in February and early March, Bitmine has maintained its buying pace, and ether has risen 22% from its February lows. If this pattern continues, ether may see a corporate buyer absorbing supply each week, regardless of price, for the first time.