A second major corporate player in the cryptocurrency market is emerging as a significant force, 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, nearing the weekly buying pace of Strategy, a company known for its substantial bitcoin holdings.
This development is noteworthy as Bitmine is now the only major corporate entity keeping pace with Strategy's buying activity. The purchase marks Bitmine's largest weekly accumulation of ether in 2026, capping a four-month streak of increasing buys that began in early January. The firm currently holds over 5 million tokens, representing about 4.21% of the circulating supply of the second-largest cryptocurrency. This shift is important because Bitmine is now the sole major corporate crypto buyer maintaining a pace similar to that of Strategy.
Most digital asset treasury companies halted or slowed their accumulation following the February price drop, which saw bitcoin fall to the mid-$60,000s and ether below $1,900. Lee attributes the buying pace to the belief that ETH 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 reached the 5 million ETH milestone in roughly 10 months.
Approximately 73% of these tokens have been staked, generating around $264 million in annualized revenue from yield. The firm's total crypto and cash holdings stood at $13.3 billion as of early April. Both companies employ a similar playbook of capital markets activity to purchase crypto assets, with Strategy utilizing preferred stock and convertible debt, and Bitmine using equity issuance.
Despite facing pressure in February and early March due to unrealized losses, Bitmine continued its buying strategy. Two months later, ether has risen 22% from its February lows, and Bitmine's accumulation pace has not only held but accelerated. 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 brings the structural baselines of the two firms within striking distance of each other.
If this pattern continues for another month, ether will have a consistent corporate buyer absorbing supply each week, regardless of price, a phenomenon it has not experienced before.