Bitmine Immersion Technologies bought $234 million of ether last week, its largest weekly purchase of 2026, bringing its weekly accumulation rate within striking distance of Strategy's regular $200-300M bitcoin buys. With 5M+ ETH (4.21% of supply) and $13.3B in total holdings, ether now has something it's never had: a Strategy-equivalent corporate buyer absorbing supply every week regardless of price.
Bitmine Immersion Technologies bought $234 million of ether last week, its largest weekly purchase of 2026, bringing its weekly accumulation rate within striking distance of Strategy's regular $200-300M bitcoin buys. With 5M+ ETH (4.21% of supply) and $13.3B in total holdings, ether now has something it's never had: a Strategy-equivalent corporate buyer absorbing supply every week regardless of price.
Bitmine Immersion Technologies (BMNR), the ETH treasury firm chaired by Fundstrat's Tom Lee, purchased 101,901 ether worth roughly $234 million last week — its largest weekly accumulation of 2026. The purchase brings Bitmine's weekly buying pace within striking distance of Strategy's regular $200-300 million bitcoin buys (excluding STRC-fueled spikes).
The milestone was flagged by well-followed crypto trader Luke Martin on X and reported by CoinDesk.
This isn't just about one company buying ETH. It's about ether acquiring something bitcoin has had for years but ETH never had: a relentless, price-agnostic corporate accumulator that absorbs supply week after week.
Strategy created the corporate Bitcoin treasury playbook — use capital markets (preferred stock, convertible debt) to buy BTC regardless of price. Bitmine is now executing the exact same playbook for ether, using equity issuance to fund ETH purchases.
The structural convergence matters because:
If this pace holds for another month, ether will have its first sustained corporate supply sink — a structural force that could reshape ETH's price dynamics the same way Strategy's buying reshaped Bitcoin's.
The parallel between the two firms is striking:
| Metric | Strategy (BTC) | Bitmine (ETH) |
|---|---|---|
| Leader | Michael Saylor | Tom Lee (Chairman) |
| Primary asset | Bitcoin | Ether |
| Funding mechanism | Preferred stock (STRC), convertible debt | Equity issuance |
| Regular weekly pace | $200-300M | Now $234M |
| Largest single buy | $2.54B (Apr 21, STRC-funded) | $234M (last week) |
| Staking yield | N/A (BTC) | $264M annualized (73% staked) |
| Through Feb crash | Paused 13-week streak (late March) | Kept buying, accelerated |
The key differentiator: Bitmine generates yield on 73% of its holdings. Strategy's BTC generates no income. This means Bitmine's effective cost basis is lower — it earns while it accumulates.
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