A second major corporate player in the cryptocurrency market is now mirroring the buying patterns 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 this year. This move brings Bitmine closer to Strategy, the Michael Saylor-led firm known for its substantial bitcoin purchases. Crypto trader Luke Martin noted this development on X.

Strategy typically buys between $200 million and $300 million worth of bitcoin weekly, excluding large purchases 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 started at around $76 million per week in January.

The firm now holds over 5 million tokens, roughly 4.21% of the circulating supply of the second-largest cryptocurrency. This development is significant as Bitmine is now the only major corporate buyer keeping pace with Strategy. Most digital asset treasury companies slowed or paused accumulation following the February price drop, but Bitmine has continued its buying spree. Lee believes ETH is nearing the end of a 'mini-crypto winter' and that a bottom is forming in equity markets.

Since pivoting its strategy in June 2025, Bitmine has reached the 5 million ETH milestone in about 10 months, with around 73% of these tokens staked to generate roughly $264 million in annualized revenue. The firm's total crypto and cash holdings stood at $13.3 billion as of early April. Both Strategy and Bitmine employ capital markets activities to purchase crypto assets, with Strategy using preferred stock and convertible debt, and Bitmine using equity issuance.

Despite facing pressure in February and March due to unrealized losses, Bitmine continued buying and has seen its accumulation pace accelerate. With ether up 22% from its February lows, Bitmine's strategy has shown resilience. While Strategy's $2.54 billion purchase in April remains the largest corporate crypto buy this year, Bitmine's $234 million purchase last week brings the two firms' structural baselines within striking distance of each other.

If this pattern continues, ether may see a consistent corporate buyer absorbing supply weekly, regardless of price, for the first time.