A notable trend is emerging in the cryptocurrency market, with Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, mirroring the buying patterns of Strategy, the Michael Saylor-led digital treasury company. Bitmine's purchase of 101,901 ether, valued at approximately $234 million, marks its largest weekly acquisition in 2026 and signifies a four-month streak of increasing buys. This development is significant, as Bitmine is now the sole major corporate crypto buyer keeping pace with Strategy. Most digital asset treasury companies halted or slowed accumulation following the February price drop, but Bitmine has continued to escalate its buys, now holding over 5 million tokens, roughly 4.21% of the second-largest cryptocurrency's circulating supply.
The firm's strategy, which involves buying ether during the 'mini-crypto winter,' has yielded annualized revenue of approximately $264 million from staking about 73% of its tokens. With total crypto and cash holdings reaching $13.3 billion as of early April, Bitmine's buying pace has not only held but accelerated, despite facing pressure in February and early March. As the firm's accumulation pace draws closer to Strategy's, it may create a new dynamic in the market, with ether potentially having a corporate buyer absorbing supply each week, regardless of price.