Bitmine Ether Purchases Accelerate, Closing Gap With Strategy’s Bitcoin Buying Pace

Bitmine Immersion Technologies, chaired by Tom Lee, significantly expanded its crypto holdings after purchasing 101,901 ether worth approximately $234 million last week. The move marked the firm’s largest weekly acquisition of 2026 and brought its buying pace close to the typical $200 million to $300 million weekly bitcoin purchases commonly associated with Strategy. Analyst Luke Martin noted that Strategy’s large spikes driven by capital raised through perpetual preferred stock offerings are exceptions rather than routine purchases, making Bitmine’s latest move notable in comparison.

Holdings Surpass 5 Million Ether With Large Portion Staked

Following months of steady accumulation that began near $76 million per week in early January, Bitmine now holds more than 5 million ether, representing about 4.21% of the cryptocurrency’s circulating supply. The company has staked roughly 73% of its holdings, generating an estimated $264 million in annualized yield revenue. As of early April, the firm reported total crypto and cash holdings valued at approximately $13.3 billion.

Aggressive Buying Continues Despite Earlier Unrealized Losses

Bitmine maintained its accumulation strategy even after facing nearly $8 billion in unrealized losses earlier this year against total purchases of about $16 billion. The continued buying occurred during a period when many digital asset treasury firms slowed acquisitions following market declines that pushed bitcoin into the mid-$60,000 range and ether below $1,900.

The firm shifted to its current accumulation strategy in June 2025 and reached the 5 million ether milestone within roughly 10 months. Recent price recovery, including a roughly 22% rise in ether from February lows, has supported the firm’s continued expansion.

If the trend continues, market observers suggest ether could soon benefit from a consistent corporate buyer similar to Strategy’s role in bitcoin markets, steadily absorbing supply regardless of short-term price movements.