A second major player in the corporate cryptocurrency accumulation space is emerging, mirroring the buying patterns of the first. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, has purchased 101,901 ether worth approximately $234 million, nearing the weekly buying pace of Strategy, a company known for its significant bitcoin holdings.
This development is notable as most digital asset treasury companies have slowed or halted their accumulation efforts following the February price drop. Bitmine's purchase marks its largest weekly accumulation in 2026, capping a four-month streak of increasing buys. The company now holds over 5 million tokens, representing about 4.21% of the second-largest cryptocurrency's circulating supply. With Bitmine keeping pace alongside Strategy, the structural development has significant implications for the market.
Lee believes that ether is in the late stages of a 'mini-crypto winter' and that a bottom is forming in equity markets. The firm has staked around 73% of its tokens, generating approximately $264 million in annualized revenue from yield, with total crypto and cash holdings valued at $13.3 billion as of early April. The two companies share similar capital markets strategies, with Strategy utilizing preferred stock and convertible debt, and Bitmine employing equity issuance to purchase crypto assets.
Despite facing pressure in February and early March, Bitmine continued to buy, and its accumulation pace has not only held but accelerated. With ether up 22% from its February lows, Bitmine's strategy has proven effective, and if the pattern continues, ether may soon have a second major corporate buyer absorbing supply each week, regardless of price.