A second major corporate player in the cryptocurrency market is mirroring the actions 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 is reminiscent of Strategy's regular weekly bitcoin purchases, which typically range from $200 million to $300 million when excluding large purchases fueled by at-the-market sales of its perpetual preferred stock, STRC. Notably, Bitmine's purchase marks its largest weekly accumulation of 2026, capping a four-month streak of escalating buys that began at around $76 million per week in early January.
The firm 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 paused or slowed accumulation during the February price drop, but Bitmine has continued to buy, with Lee attributing this to his belief 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 about 73% of its tokens, generating roughly $264 million in annualized revenue from yield, with total crypto and cash holdings at $13.3 billion as of early April.
Both firms share a similar approach to capital markets activity, using preferred stock and convertible debt or equity issuance to purchase crypto assets. Despite facing pressure in February and early March, Bitmine has maintained its buying pace, with ether now up 22% from its February lows.
If this pattern continues, ether may soon have a consistent corporate buyer absorbing supply each week, regardless of price.