A second major corporate player in the cryptocurrency market is mirroring the accumulation strategy of the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, has purchased 101,901 ether, valued at approximately $234 million, in its largest weekly buy this year. This development brings Bitmine's accumulation pace closer to that of Strategy, the digital treasury company led by Michael Saylor, which regularly buys bitcoin.

Notably, Strategy's large purchases fueled by at-the-market sales of its perpetual preferred stock are not the norm, with typical weekly buys ranging from $200 million to $300 million. Bitmine's purchase marks its largest weekly accumulation of 2026, following a four-month streak of escalating buys that started at roughly $76 million per week in early January.

The company now holds over 5 million tokens, representing about 4.21% of the second-largest cryptocurrency's circulating supply. This shift is significant, as Bitmine is now the only major corporate crypto buyer keeping pace with Strategy.

Most digital asset treasury companies paused or slowed accumulation during the February price drop, but Bitmine has continued to buy, with Lee attributing the buying pace 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 roughly $264 million in annualized revenue from yield, with total crypto and cash holdings at $13.3 billion as of early April. Both firms employ a similar capital markets strategy to purchase crypto assets, with Strategy using preferred stock and convertible debt, and Bitmine using equity issuance.

Despite facing pressure in February and early March, Bitmine has continued to buy, with ether rising 22% from its February lows and the firm's accumulation pace 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.