A second corporate cryptocurrency accumulator is starting to look a lot like the first.
Bitmine Immersion Technologies (BMNR), the treasury company chaired by Tom Lee of Fundstrat, purchased 101,901 ether (ETH) last week worth approximately $234 million. This is close to regular weekly purchases of Strategy (MSTR), the bitcoin run by Michael Saylor. digital treasury company, as well-followed crypto trader Luke Martin reported on X.
Strategy’s normal weekly purchases are between $200 million and $300 million, once large purchases fueled by market sales of its STRC perpetual preferred stock are removed. The STRC peaks – the massive bursts that appear in mid-January, late February, late March and, most recently, on April 21, at $2.54 billion – are outliers, not a benchmark.
Bitmine’s purchase was its largest weekly accumulation of 2026, capping a four-month streak of increasing purchases that began at around $76 million per week in early January. It now holds more than 5 million tokens, or approximately 4.21% of the circulating supply of the second-largest cryptocurrency.
Such a structural development is significant as BitMine is now the only major cryptocurrency buyer to keep pace with Strategy.
Most digital asset treasury companies suspended or slowed accumulation during the February price drop that took bitcoin to around $60,000 and ether below $1,900. The strategy itself ended a 13-week Bitcoin buying streak in late March before restarting in April.
According to Lee, the buying pace is that ETH is in the late stages of a “mini crypto winter” and a bottom is forming in the stock markets. Bitmine adopted its current strategy in June 2025 and reached the 5 million ETH milestone in approximately 10 months.
The company has staked approximately 73% of these tokens, generating approximately $264 million in annualized revenue from yield. Total crypto and cash holdings stood at $13.3 billion at the start of April.
The two companies share a capital markets activity playbook – strategy via preferred stock and convertible debt, Bitmine via equity issuance – for purchasing crypto assets.
Under pressure
BitMine’s strategy came under pressure in February and early March, as it found itself sitting on nearly $8 billion in unrealized losses against $16 billion in total purchases.
The company continued to buy. Two months later, Ether is up 22% from its February low, and Bitmine’s pace of accumulation has not only held, it has accelerated.
Strategy’s $2.54 billion purchase on April 21 remains the largest corporate cryptocurrency purchase of the year. But Bitmine’s $234 million last week is the first time the structural bases have come close to each other.
If the trend continues for another month, ether will have something it has never had before: a corporate buyer equivalent strategy absorbing supply every week, regardless of price.
