A second major corporate cryptocurrency accumulator, Bitmine Immersion Technologies, is mirroring the buying patterns of the first, Strategy. Recently, Bitmine, led by Fundstrat's Tom Lee, purchased 101,901 ether, worth approximately $234 million. This move closely aligns with Strategy's typical weekly bitcoin buys, which range from $200 million to $300 million, once the outliers from at-the-market sales of its perpetual preferred stock, STRC, are factored out.
The purchase signifies Bitmine's largest weekly accumulation of 2026, concluding a four-month streak of increasing buys that began in early January with roughly $76 million per week. It 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 crypto buyer keeping pace with Strategy. Most digital asset treasury companies paused or slowed accumulation following the February price drop, but Bitmine has continued, with Lee suggesting that ETH is in the late stages of a 'mini-crypto winter' and a bottom is forming in equity markets.
Since pivoting its 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.