A second major corporate player in the cryptocurrency market is beginning to mirror the buying patterns of the first. Bitmine Immersion Technologies, led by Tom Lee, purchased approximately $234 million worth of ether, comprising 101,901 tokens, in the previous week. This substantial buy brings Bitmine's weekly purchases closer to those of Strategy, the bitcoin-focused treasury firm headed by Michael Saylor, as noted by crypto trader Luke Martin.
Strategy's typical weekly bitcoin buys range from $200 million to $300 million, excluding large purchases fueled by at-the-market sales of its perpetual preferred stock, STRC. The recent purchase by Bitmine is its largest this year, capping a four-month streak of escalating buys that began at around $76 million per week in early January, resulting in the firm now holding over 5 million tokens, approximately 4.21% of the circulating supply of the second-largest cryptocurrency. This development is significant because Bitmine is now the only major corporate buyer maintaining a pace comparable to Strategy's.
Most digital asset treasury companies have paused or slowed their accumulation since the February price drop, which saw bitcoin fall to the mid-$60,000s and ether drop below $1,900. Tom Lee's perspective on the buying pace suggests that ether 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 staked about 73% of its tokens, generating roughly $264 million in annualized revenue from yield, with total crypto and cash holdings amounting to $13.3 billion as of early April. Both firms employ capital markets activities to purchase crypto assets, with Strategy using preferred stock and convertible debt, and Bitmine utilizing equity issuance. Despite facing pressure in February and early March due to unrealized losses, Bitmine continued its buying strategy, and two months later, ether has risen 22% from its February lows, with Bitmine's accumulation pace not only holding but accelerating. If this pattern persists for another month, ether will have a corporate buyer equivalent to Strategy, absorbing supply each week regardless of price.