A second major player in the corporate accumulation of cryptocurrency is emerging, mirroring the strategy of the first. Bitmine Immersion Technologies, led by Tom Lee, has purchased 101,901 ether, valued at approximately $234 million, in its largest weekly buy this year.
This move 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 weekly purchases, excluding large buys fueled by at-the-market sales of its perpetual preferred stock, range from $200 million to $300 million.
Bitmine's purchase marks the end of a four-month streak of escalating buys, which began at around $76 million per week in early January, and the company now holds over 5 million tokens, approximately 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 paused or slowed their accumulation following the February price drop, but Bitmine has continued to buy, with Lee suggesting that the market is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets.
The company has staked around 73% of its tokens, generating approximately $264 million in annualized revenue from yield, and its total crypto and cash holdings were $13.3 billion as of early April. Both firms share a similar approach to capital markets activity, using equity issuance and convertible debt to purchase crypto assets. Despite facing pressure in February and March, Bitmine has maintained its buying pace, and with ether up 22% from its February lows, the company's accumulation pace has accelerated.
If this trend continues, ether may soon have a consistent corporate buyer absorbing supply each week, regardless of price.