A notable development is emerging in the corporate cryptocurrency accumulation landscape. Bitmine Immersion Technologies, led by Fundstrat's Tom Lee, has purchased 101,901 ether, valued at approximately $234 million, marking its largest weekly buy this year. This significant acquisition brings Bitmine's buying pace closer to that of Strategy, a firm known for its consistent bitcoin purchases. 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 caps a four-month streak of escalating buys, starting with roughly $76 million per week in early January, and 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 alongside Strategy. Most digital asset treasury companies paused or slowed accumulation during the February price drop, but Bitmine has continued to buy, with Lee framing the buying pace as a response to the late stages of 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 employ similar capital markets strategies to purchase crypto assets, with Bitmine using equity issuance and Strategy utilizing preferred stock and convertible debt. Despite facing pressure in February and early March, Bitmine's strategy has held, and its accumulation pace has accelerated, with ether up 22% from its February lows.