A second major corporate player in the cryptocurrency market is emulating the strategy of the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, acquired 101,901 ether worth approximately $234 million in its largest weekly purchase this year.
This move brings Bitmine's accumulation pace closer to that of Strategy, the Michael Saylor-led digital treasury company, as observed by crypto trader Luke Martin. Strategy's typical weekly purchases range from $200 million to $300 million, excluding large buys fueled by its perpetual preferred stock, STRC. Bitmine's purchase marks its largest weekly accumulation in 2026, following a four-month streak of increasing buys that began at around $76 million per week in early January.
The firm now holds over 5 million tokens, roughly 4.21% of the second-largest cryptocurrency's circulating supply. 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 during the February price drop, but Bitmine has continued to buy, with Lee framing the move as a response to ETH being in the late stages of a 'mini-crypto winter' and a bottom forming in equity markets. The firm has staked about 73% of its tokens, generating roughly $264 million in annualized revenue from yield, with total crypto and cash holdings at $13.3 billion as of early April.
Both firms share a strategy of using capital markets activity to purchase crypto assets, with Bitmine using equity issuance and Strategy using preferred stock and convertible debt. Despite facing pressure in February and early March, Bitmine has maintained its buying pace, which has accelerated over the past two months.
If this pattern continues, ether may soon have a consistent corporate buyer absorbing supply each week, regardless of price.