Bitmine Immersion Technologies bought 101,901 ETH last week, a purchase valued at roughly $234 million. The move puts the Tom Lee-chaired treasury firm close to the regular weekly buying pace seen at Strategy, Michael Saylor’s bitcoin treasury company.
According to the report, Strategy’s normal weekly purchases usually fall in the $200 million to $300 million range once the unusually large bursts tied to at-the-market sales of its perpetual preferred stock STRC are excluded. Those spikes, including the $2.54 billion buy on April 21, stand apart from its usual cadence.
Bitmine’s buying streak has pushed holdings above 5 million ETH
The latest transaction was Bitmine’s largest weekly accumulation of 2026 and capped a four-month stretch of rising purchases. In early January, its weekly buying pace was about $76 million. It has since climbed steadily. Bitmine now holds more than 5 million ETH, equal to about 4.21% of ether’s circulating supply.
That shift is notable because Bitmine has become the only major corporate crypto buyer described in the report as keeping pace with Strategy on a structural basis. Many digital asset treasury firms slowed or paused accumulation during the February drop, when bitcoin fell into the mid-$60,000s and ether slipped below $1,900. Strategy itself ended a 13-week bitcoin buying streak in late March before resuming in April.
Ten months after its strategy pivot, Bitmine reached a new scale
Tom Lee’s view is that ETH is in the later stage of a “mini-crypto winter” and that a bottom is forming in equity markets. Bitmine shifted to its current strategy in June 2025 and reached the 5 million ETH mark in roughly 10 months.
The company has staked about 73% of those tokens, generating around $264 million in annualized revenue from yield. As of early April, Bitmine held a combined $13.3 billion in crypto assets and cash. Its capital-markets approach resembles Strategy’s in structure: Strategy has used preferred stock and convertible debt to fund bitcoin purchases, while Bitmine has relied on equity issuance to acquire ether.
Pressure in February gave way to faster accumulation
Bitmine’s strategy came under strain in February and early March. At that point, the firm was carrying nearly $8 billion in unrealized losses against about $16 billion in total purchases. It kept buying. Two months later, ether had risen 22% from its February lows, and Bitmine’s accumulation pace had accelerated rather than slowed.
Strategy’s $2.54 billion purchase on April 21 remains the largest single corporate crypto buy of the year. Even so, Bitmine’s $234 million buy last week is the first point at which the two companies’ baseline accumulation rates have moved this close. If that pace continues, ether would, for the first time, have a corporate buyer absorbing supply each week in a way comparable to Strategy’s role in bitcoin.