A second major corporation is now mirroring the cryptocurrency accumulation strategy of the first. Bitmine Immersion Technologies, led by Tom Lee, has purchased 101,901 ether, valued at approximately $234 million, in its most substantial weekly buy of the year.
This move brings it closer to Strategy's typical weekly bitcoin purchases, which range from $200 million to $300 million when large, at-the-market sales of its perpetual preferred stock, STRC, are excluded. The recent purchase caps a four-month streak of escalating buys for Bitmine, starting at around $76 million per week in January, and now holds over 5 million tokens, roughly 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 paused or slowed accumulation during the February price drop, but Bitmine continued, with Lee suggesting that ETH 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 $264 million in annualized revenue from yield, with total crypto and cash holdings at $13.3 billion as of early April.