A new player in the corporate cryptocurrency accumulation space is emerging, mirroring the strategy of a well-established market leader. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, has purchased 101,901 ether worth approximately $234 million, marking its largest weekly buy this year. This move brings the company's buying pace closer to that of Strategy, a Michael Saylor-led firm known for its significant bitcoin purchases.
Notably, Strategy's usual weekly buys range from $200 million to $300 million, excluding large purchases fueled by at-the-market sales of its perpetual preferred stock. Bitmine's recent purchase caps a four-month streak of increasing buys, which began at around $76 million per week in early January, and 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 have paused or slowed their accumulation since the February price drop, but Bitmine has continued to buy, with Lee framing the move as a strategic response to the 'mini-crypto winter' and a forming bottom in equity markets. The firm has staked around 73% of its tokens, generating approximately $264 million in annualized revenue from yield, with total crypto and cash holdings reaching $13.3 billion as of early April. Both Bitmine and Strategy share a similar approach to capital markets activity, using 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 not only held but accelerated, with ether prices up 22% from its February lows.