A second major corporate player in the cryptocurrency space is emulating the buying strategy of the first. Bitmine Immersion Technologies, led by Tom Lee, has purchased 101,901 ether worth approximately $234 million, nearing the weekly buying pace of Strategy, the digital treasury company led by Michael Saylor.
This development is notable as Bitmine's purchase is its largest weekly accumulation of 2026, following a four-month trend of increasing buys. The company now holds over 5 million ether tokens, representing about 4.21% of the circulating supply of the second-largest cryptocurrency. This shift is significant as Bitmine is now the only major corporate buyer keeping pace with Strategy.
Most digital asset treasury companies halted or slowed their accumulation following the February price drop, but Bitmine has continued to buy, with Lee suggesting that ether is in the late stages of a 'mini-crypto winter' and a bottom is 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 Bitmine and Strategy employ capital markets activities to purchase crypto assets, with Bitmine using equity issuance and Strategy utilizing preferred stock and convertible debt. Despite facing pressure in February and early March with nearly $8 billion in unrealized losses, Bitmine continued its buying strategy, and two months later, ether has risen 22% from its February lows.
The firm's accumulation pace has not only held but has accelerated, with its $234 million purchase last week marking the first time the structural baselines of the two companies have come close to each other. If this pattern continues, ether will have a corporate buyer absorbing supply each week, regardless of price, for the first time.