A second major player in the corporate accumulation of digital assets is emerging, mirroring the strategy of a pioneer in the field. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, has made a substantial purchase of 101,901 ether, valued at approximately $234 million. This move has been noted by prominent crypto trader Luke Martin, and it brings Bitmine's buying pace closer to that of Strategy, a company led by Michael Saylor, known for its regular bitcoin purchases.
Strategy's typical weekly buys range from $200 million to $300 million, excluding large purchases fueled by the sale of its perpetual preferred stock, STRC. The recent purchase by Bitmine marks its largest weekly accumulation in 2026, capping a four-month streak of escalating 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 circulating supply of the second-largest cryptocurrency. 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 following the February price drop that affected bitcoin and ether. Strategy itself ended a 13-week bitcoin buying streak in late March before resuming in April. According to Tom Lee, the buying pace is driven by the belief that ETH is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets.
Bitmine adjusted its strategy in June 2025 and reached the 5 million ETH milestone in roughly 10 months. The firm has staked about 73% of these tokens, generating around $264 million in annualized revenue from yield.
As of early April, the company's total crypto and cash holdings were $13.3 billion. Both firms employ a similar approach to capital markets activity, using preferred stock and convertible debt for Strategy, and equity issuance for Bitmine, to purchase crypto assets.
Under pressure, Bitmine's strategy was tested in February and early March when the company faced nearly $8 billion in unrealized losses against $16 billion in total purchases. However, the firm continued buying, and two months later, ether has seen a 22% increase from its February lows, with Bitmine's accumulation pace not only holding but accelerating.
While Strategy's April 21 purchase of $2.54 billion remains the largest single corporate crypto buy of the year, Bitmine's $234 million purchase last week marks the first time the structural baselines of both companies have come close to each other. If this pattern continues for another month, ether will have a consistent corporate buyer absorbing supply each week, regardless of price, a phenomenon it has not seen before.