The second enterprise cryptocurrency accumulator is starting to look a lot like the first.
Bitmine Immersion Technologies (BMNR), a financial firm chaired by Fundstrat’s Tom Lee, purchased 101,901 ether coins (ETH) last week, worth approximately $234 million. This is close to the regular weekly buying volume of Michael Saylor-led Bitcoin strategy firm Strategy (MSTR) As high-profile cryptocurrency trader Luke Martin tagged on X, it’s a digital finance company.
Strategy’s normal weekly buying volume would be about $200 million to $300 million, excluding large purchases driven by market sales of its perpetual preferred stock, STRC. The STRC peaks—the massive $2.54 billion burst in mid-January, late February, late March, and most recently on April 21—were outliers, not baselines.
Bitmine’s purchases were the largest single week since 2026, ending a four-month run of roughly $76 million in weekly purchases that began in early January. It currently holds over 5 million coins, accounting for approximately 4.21% of the second-largest cryptocurrency’s circulating supply.
This structural development is important as BitMine is now the only major enterprise cryptocurrency buyer to keep pace with Strategy.
Most digital asset finance firms paused or slowed accumulation during February’s price decline, with Bitcoin falling to around $60,000 and Ethereum falling below $1,900. The strategy itself ended a 13-week streak of Bitcoin buying at the end of March before restarting in April.
Lee’s framing of the pace of buying is that ETH is in the late stages of a “mini crypto winter” and that a bottom is forming in the stock market. Bitmine switched to the current strategy in June 2025 and reached the 5 million ETH milestone in approximately 10 months.
The company already holds approximately 73% of these tokens, generating approximately $264 million in annualized revenue from the proceeds. As of early April, cryptocurrency and cash holdings totaled $13.3 billion.
The two companies share strategies for capital market activities – strategizing through preferred shares and convertible debt, and Bitcoin Mining – buying crypto assets through equity issuances.
under pressure
BitMine’s strategy came under pressure in February and early March, when total purchases totaled $16 billion and unrealized losses approached $8 billion.
The company continues to buy. Two months later, Ethereum is up 22% from its February lows, and the pace of Bitcoin mining accumulation is not only unchanged, but accelerating.
Strategy’s $2.54 billion acquisition on April 21 remains the largest single corporate cryptocurrency acquisition this year. But last week’s $234 million in revenue from Bitcoin Mining was the first time that the structural baseline has reached an alarming distance.
If this pattern continues for another month, Ethereum will have something it has never had before: the equivalent of strategic corporate buyers soaking up supply every week, regardless of price.