A second major corporate cryptocurrency accumulator is emerging with a buying pattern similar to the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, acquired 101,901 ether worth approximately $234 million last week, closely mirroring Strategy's weekly purchases, as noted by crypto trader Luke Martin.
Strategy's typical weekly buys range from $200 million to $300 million, excluding large purchases fueled by at-the-market sales of its perpetual preferred stock. Bitmine's purchase capped a four-month streak of increasing buys, starting with roughly $76 million per week in early January, and now holds over 5 million tokens, approximately 4.21% of the second-largest cryptocurrency's circulating supply. This development is significant as Bitmine is now the primary 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 its buying streak, with Lee framing the pace as a 'mini-crypto winter' and a forming bottom 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 share a playbook of capital markets activity 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. Strategy's $2.54 billion purchase on April 21 remains the largest single corporate crypto buy of the year, but Bitmine's $234 million purchase last week brings the structural baselines within striking distance of each other.