A second major corporate player in the cryptocurrency market is emerging with a buying strategy similar to that of the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, has purchased 101,901 ether, valued at approximately $234 million, in its largest weekly buy of the year.
This move brings the company's buying pace closer to that of Strategy, a firm known for its regular weekly bitcoin purchases, as highlighted by crypto trader Luke Martin. Strategy's typical weekly buys range from $200 million to $300 million, excluding large purchases fueled by the sale of its perpetual preferred stock, STRC. Bitmine's purchase marks its largest weekly accumulation of 2026, capping a four-month streak of increasing buys that began in early January at around $76 million per week. The company now holds over 5 million tokens, representing about 4.21% of the circulating supply of the second-largest cryptocurrency.
This development is significant because Bitmine is now the only major corporate crypto buyer keeping pace with Strategy. Most digital asset treasury companies slowed or paused accumulation following the February price drop, but Bitmine has continued to buy, with Lee attributing the buying pace to the late stages of a 'mini-crypto winter' and the formation of a bottom in equity markets.
The firm has staked about 73% of its tokens, generating approximately $264 million in annualized revenue from yield, with total crypto and cash holdings valued at $13.3 billion as of early April. Both firms employ a similar strategy of using capital markets activity to purchase crypto assets.
Despite facing pressure in February and early March, Bitmine has maintained its buying pace, which has not only held but accelerated. If this pattern continues, ether will have a corporate buyer absorbing supply each week, regardless of price, for the first time.