A second major corporate player in the cryptocurrency market is mirroring the accumulation strategy of the first. Bitmine Immersion Technologies, led by Tom Lee, has purchased 101,901 ether worth approximately $234 million, nearing the weekly buying pace of Strategy, led by Michael Saylor. Strategy's typical weekly purchases range from $200 million to $300 million, excluding large buys fueled by at-the-market sales of its perpetual preferred stock. Bitmine's purchase marks its largest weekly accumulation in 2026, capping a four-month streak of increasing buys.
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 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 roughly $264 million in annualized revenue from yield, with total crypto and cash holdings at $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 using preferred stock and convertible debt.
Despite facing pressure in February and early March, Bitmine has maintained its buying pace, with ether rising 22% from its February lows. If this pattern continues, ether will have a corporate buyer absorbing supply each week, regardless of price, for the first time.