A second major company has emerged as a significant accumulator of cryptocurrency, mirroring the approach of the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, purchased approximately $234 million worth of ether, totaling 101,901 tokens, in its largest weekly buy this year.

This move has brought the company's accumulation pace closer to that of Strategy, a digital treasury company led by Michael Saylor, which regularly buys bitcoin. Notably, Strategy's purchases, excluding large buys fueled by at-the-market sales of its perpetual preferred stock, typically range from $200 million to $300 million weekly. Bitmine's purchase marks its largest weekly accumulation in 2026, capping a four-month streak of escalating buys that began at around $76 million per week in early January. The company now holds over 5 million tokens, equivalent to about 4.21% of the circulating supply of the second-largest cryptocurrency.

This development is significant as Bitmine is now the only major corporate buyer keeping pace with Strategy. Most digital asset treasury companies paused or slowed accumulation following the February price drop, but Bitmine has continued to buy, with Lee attributing the buying pace to the late stages of a 'mini-crypto winter' and a forming bottom in equity markets.

Since pivoting to its current strategy in June 2025, Bitmine has reached the 5 million ETH milestone in roughly 10 months, with about 73% of those tokens staked to generate approximately $264 million in annualized revenue from yield. The firm's total crypto and cash holdings stood at $13.3 billion as of early April. Both companies employ similar capital markets strategies, including equity issuance and convertible debt, to purchase crypto assets.

Despite facing pressure in February and early March due to unrealized losses, Bitmine continued to buy, and its accumulation pace has not only held but accelerated. If this pattern continues, ether may see a new dynamic, with a corporate buyer absorbing supply each week, regardless of price, similar to Strategy's approach with bitcoin.