A second major corporate player in the cryptocurrency space, Bitmine Immersion Technologies, is now mirroring the buying patterns of its counterpart, Strategy. Led by Fundstrat's Tom Lee, Bitmine acquired 101,901 ether, valued at approximately $234 million, in its largest weekly purchase this year. This move brings Bitmine's buying pace closer to that of Strategy, which regularly buys between $200 million to $300 million worth of bitcoin per week, excluding large purchases fueled by its STRC stock sales. Notably, Bitmine has been escalating its buys over the past four months, starting with around $76 million per week in early January, and now holds over 5 million ether tokens, representing about 4.21% of the circulating supply.
This development is significant as Bitmine is now the only major corporate entity keeping pace with Strategy's buying activity. Most digital asset treasury companies paused 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. Since pivoting to its current strategy in June 2025, Bitmine 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 firms employ similar capital markets strategies to purchase crypto assets, with Bitmine using equity issuance and Strategy utilizing preferred stock and convertible debt. Despite facing pressure in February and March due to unrealized losses, Bitmine continued to buy, and its accumulation pace has not only held but accelerated, with ether prices rising 22% from their February lows.