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 this year. This move brings the company's buying pace closer to that of Strategy, led by Michael Saylor, which regularly buys bitcoin worth between $200 million and $300 million per week, excluding large purchases funded by at-the-market sales of its perpetual preferred stock.
Bitmine's purchase marks its largest weekly accumulation of 2026, capping a four-month streak of increasing buys that started at around $76 million per week in early January. The company now holds over 5 million tokens, representing about 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 slowed or paused accumulation during the February price drop, but Bitmine has continued to buy, with Lee framing the buying pace as a response to the late stages of a 'mini-crypto winter' and a forming 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 at $13.3 billion as of early April. Both firms employ similar capital markets strategies, including equity issuance and convertible debt, to purchase crypto assets. Despite facing pressure in February and early March, Bitmine has maintained its buying pace, which has now accelerated.
If this pattern continues, ether may soon have a consistent corporate buyer absorbing supply each week, regardless of price.