A second major corporate player in the cryptocurrency market is emulating the approach of the first. Bitmine Immersion Technologies, chaired by Fundstrat's Tom Lee, has purchased 101,901 ether worth approximately $234 million, nearing the weekly purchase levels of Strategy, led by Michael Saylor. This development is significant as Bitmine is now the only major corporate buyer keeping pace with Strategy. The purchase marks Bitmine's largest weekly accumulation in 2026, capping a four-month streak of increasing buys.
The firm currently holds over 5 million tokens, representing around 4.21% of the second-largest cryptocurrency's circulating supply. Most digital asset treasury companies paused or slowed accumulation following the February price drop, but Bitmine has continued to buy, with Lee suggesting 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 Bitmine and Strategy share a similar approach to capital markets activity, using equity issuance and preferred stock to purchase crypto assets.
Despite facing pressure in February and early March, Bitmine maintained its buying pace, and two months later, ether has risen 22% from its February lows. If this pattern continues, ether may see a consistent corporate buyer absorbing supply each week, regardless of price.