Another major corporate entity in the cryptocurrency sector is mirroring the acquisition strategy of its predecessor.
Bitmine Immersion Technologies (BMNR), led by Fundstrat’s Tom Lee, acquired 101,901 ether (ETH) valued at approximately $234 million last week. This volume closely matches the typical weekly investments from Strategy (MSTR), headed by Michael Saylor and highlighted by crypto trader Luke Martin on X.
Strategy’s standard weekly acquisitions range between $200 million to $300 million, excluding large transactions driven by its perpetual preferred stock STRC at-the-market sales. The significant surges — such as the $2.54 billion spike on April 21 — are considered anomalies rather than norms.
Bitmine’s recent purchase marks its largest weekly accumulation for 2026 and concludes a four-month period of increasing buys that started around early January with roughly $76 million per week. Currently, it holds over 5 million tokens, equating to approximately 4.21% of the circulating supply of the second-largest cryptocurrency.
This development is significant as Bitmine stands as the sole major corporate crypto purchaser maintaining a pace comparable to Strategy.
Most digital asset treasury firms reduced or halted acquisitions during February’s price drop that brought bitcoin down to mid-$60,000s and ether below $1,900. Strategy itself paused its 13-week bitcoin purchasing streak in late March before resuming in April.
Lee describes the current pace as indicative of ETH emerging from a ‘mini-crypto winter’ and signals an equity market bottom formation. Bitmine adopted this strategy in June 2025, achieving the 5 million ETH milestone within about ten months.
The company has staked approximately 73% of these tokens, generating around $264 million annually from yield. As of early April, total crypto and cash holdings were valued at $13.3 billion.
Both firms employ similar capital markets strategies — Strategy via preferred stock and convertible debt, Bitmine through equity issuance — to acquire cryptocurrencies.
BitMine faced challenges in February and early March due to nearly $8 billion in unrealized losses against $16 billion in total acquisitions. Despite this, the firm continued its purchasing activities. Two months later, ether has risen 22% from its February lows, with Bitmine’s acquisition rate not only steady but accelerated.
Though Strategy’s April 21 purchase of $2.54 billion remains the largest single corporate crypto buy of the year, Bitmine’s recent $234 million investment marks the first instance where their structural baselines are nearly aligned.
Should this trend persist for another month, ether could see a new phenomenon: a corporate buyer equivalent to Strategy absorbing supply weekly, regardless of price fluctuations.