Bitmine Immersion Technologies (BMNR) purchased 101,901 ether (ETH) worth approximately $234 million last week, its largest weekly accumulation of 2026, bringing the firm within striking distance of Strategy's (MSTR) regular bitcoin buying pace when outlier purchases are stripped from the comparison.

Market Context

The purchase caps a four-month streak of escalating buys that began at roughly $76 million per week in early January. Bitmine now holds more than 5 million ETH tokens, representing approximately 4.21% of the second-largest cryptocurrency's circulating supply. Ether has recovered 22% from its February lows below $1,900, providing relief for corporate treasuries that continued accumulating through the mid-quarter drawdown.

Analysis

The dynamic marks a structural shift in institutional crypto accumulation. Bitmine—chaired by Fundstrat's Tom Lee—pivoted to its current ether-focused strategy in June 2025 and reached the 5 million token milestone in roughly 10 months. The firm has staked about 73% of its holdings, generating approximately $264 million in annualized revenue from yield, according to company disclosures.

The comparison to Strategy reveals nuance. While MSTR's April 21 purchase of $2.54 billion remains the largest single corporate crypto buy of the year—fueled by at-the-market sales of its perpetual preferred stock STRC—the firm's baseline weekly buys range from $200 million to $300 million, excluding those STRC-fueled spikes that appeared in mid-January, late February, late March, and April 21. Bitmine's $234 million purchase represents the first time these structural baselines have aligned.

Lee has characterized ETH as being in the "late stages of a mini-crypto winter" with equity markets forming a bottom—framing the accumulation as contrarian positioning ahead of broader market recovery. Most digital asset treasury companies paused or slowed purchases during bitcoin's drop to the mid-$60,000s and ether's decline below $1,900 in February. Strategy itself ended a 13-week bitcoin buying streak in late March before restarting in April.

Bitmine faced pressure in February and early March when it carried nearly $8 billion in unrealized losses against approximately $16 billion in total purchases—a paper loss position that would have prompted many institutional investors to halt accumulation. The firm did not relent, and two months later finds itself accelerating its buying pace as ether recovers.

Key Numbers

- 101,901 ETH purchased for $234 million (largest weekly buy of 2026)

- More than 5 million ETH held (~4.21% of circulating supply)

- ~73% of tokens staked, generating ~$264M annualized yield revenue

- Total crypto and cash holdings: approximately $13.3 billion as of early April

- Weekly accumulation escalated from ~$76M in January to $234M last week

- Ether up 22% from February lows after the February drawdown that pushed BMNR to ~$8B unrealized losses

What to Watch

Whether Bitmine maintains its current weekly cadence will determine if ether develops a sustained institutional demand floor comparable to bitcoin's relationship with Strategy. Upcoming catalyst dates include May policy announcements and any further STRC issuance from MSTR, which could reset the baseline comparison. Bitmine has utilized equity issuance—rather than preferred stock or convertible debt—to fund purchases, differentiating its capital markets approach from Strategy's playbook.

If this accumulation pattern holds for another month, ether would establish a first-of-its-kind corporate buyer absorbing supply weekly regardless of price—a dynamic bitcoin investors have grown accustomed to through MSTR's consistent buying streaks.