A second major corporate player in the cryptocurrency market is beginning to mirror the actions of the first. Bitmine Immersion Technologies, led by Tom Lee, has purchased 101,901 ether, worth approximately $234 million, in its largest weekly buy of the year. This move brings Bitmine closer to Strategy's regular weekly bitcoin purchases, which typically range from $200 million to $300 million when large, at-the-market sales of its perpetual preferred stock are factored out.
The recent purchase marks Bitmine's fourth consecutive month of increasing buys, starting from around $76 million per week in early January, and now holds over 5 million tokens, representing about 4.21% of the circulating supply of the second-largest cryptocurrency. This development is significant as Bitmine is now the only major corporate crypto buyer keeping pace with Strategy.
Most digital asset treasury companies have paused or slowed their accumulation since the February price drop, but Bitmine has continued to buy, with Lee believing that ETH is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets. The firm has staked around 73% of its tokens, generating approximately $264 million in annualized revenue from yield, and its total crypto and cash holdings stood at $13.3 billion as of early April. Both firms share a similar approach to capital markets activity to purchase crypto assets. Despite facing pressure in February and early March, Bitmine has maintained its buying pace, and with ether up 22% from its February lows, the firm's accumulation pace has not only held but accelerated.
If this trend continues, ether may soon have a consistent corporate buyer absorbing supply every week, regardless of price.