Bitmine Immersion Technologies (BMNR), chaired by Fundstrat’s Tom Lee, has made a significant purchase of 101,901 ether (ETH), valued at approximately $234 million. This acquisition marks the firm’s largest weekly buy of 2026 and reflects a growing trend in corporate cryptocurrency accumulation.
The recent purchase positions Bitmine closely to the regular buying patterns of Strategy (MSTR), the digital treasury firm led by Michael Saylor. According to crypto trader Luke Martin, Strategy typically engages in weekly purchases ranging from $200 million to $300 million, excluding large transactions driven by the sale of its perpetual preferred stock, STRC.
Bitmine’s acquisition is part of a broader strategy that has seen its weekly purchases increase from around $76 million in January to the current level. The firm now holds over 5 million ether, representing approximately 4.21% of the cryptocurrency’s circulating supply.
This development is noteworthy as Bitmine emerges as a key player in the corporate crypto market, alongside Strategy. Many digital asset treasury firms have reduced their buying activities following a price decline in February, which saw bitcoin drop to the mid-$60,000s and ether fall below $1,900. Notably, Strategy halted its bitcoin purchases for 13 weeks before resuming in April.
Lee has indicated that ether may be nearing the end of a ‘mini-crypto winter,’ suggesting that a stabilization in equity markets is on the horizon. Bitmine shifted its strategy in June 2025 and reached the 5 million ETH milestone within ten months. Approximately 73% of its ether holdings have been staked, generating an estimated $264 million in annualized revenue.
As of early April, Bitmine’s total crypto and cash holdings amounted to $13.3 billion. Both Bitmine and Strategy employ similar capital market strategies, utilizing equity issuance and convertible debt to facilitate their cryptocurrency purchases.
Bitmine faced challenges earlier this year, reporting nearly $8 billion in unrealized losses against total purchases of $16 billion. Despite this, the firm continued its buying spree. Ether’s value has increased by 22% since its February lows, and Bitmine’s pace of accumulation has not only persisted but intensified.
Strategy’s recent $2.54 billion purchase on April 21 remains the largest single corporate crypto buy of the year. However, Bitmine’s latest acquisition signals that the gap between the two firms’ purchasing activities is narrowing. Should this trend continue, ether may soon have a corporate buyer matching Strategy’s weekly absorption of supply, regardless of market price.
Bitmine Immersion Technologies has made a $234 million purchase of ether, marking its largest weekly buy of 2026. This acquisition brings Bitmine closer to the purchasing levels of Strategy, indicating a potential shift in the corporate cryptocurrency landscape.