A second major corporate player in the cryptocurrency market is emerging with a similar accumulation strategy. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, has purchased 101,901 ether worth approximately $234 million, closely mirroring Strategy's weekly bitcoin buys. This development is significant as Bitmine is now the only major corporate crypto buyer keeping pace with Strategy.
The firm's purchase marks its largest weekly accumulation of 2026, following a four-month streak of escalating buys. With over 5 million tokens, Bitmine holds around 4.21% of the second-largest cryptocurrency's circulating supply.
The company's buying pace is driven by the belief that ETH is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets. Bitmine has staked about 73% of its tokens, generating roughly $264 million in annualized revenue from yield, with total crypto and cash holdings sitting at $13.3 billion as of early April. The firm's strategy, which involves equity issuance to purchase crypto assets, has been put under pressure but has shown resilience, with ether prices rising 22% from their February lows.