Bitmine Narrows Gap With Strategy in Weekly Crypto Buys

TLDR

• Bitmine purchased 101901 ether worth about $234 million during the latest reporting week.
• The company’s weekly buying pace now approaches Strategy’s routine bitcoin acquisitions of $200 million to $300 million.
• Bitmine holds more than 5 million ETH, which equals about 4.21% of the circulating supply.
• The firm has staked around 73% of its ether holdings and generates about $264 million in annualized yield revenue.
• Strategy’s largest 2026 purchase reached $2.54 billion on April 21 through capital market activity.

Corporate cryptocurrency buying tightened last week as Bitmine increased its ether accumulation pace. The treasury firm purchased 101,901 ETH valued at nearly $234 million during the week. That volume placed Bitmine’s activity close to Strategy’s routine bitcoin acquisitions.

Bitmine Accelerates Ether Accumulation

Bitmine Immersion Technologies, chaired by Fundstrat’s Tom Lee, expanded its ether reserves through steady weekly purchases. The company bought 101,901 ETH worth about $234 million during the latest reporting week. That amount approached the $200 million to $300 million range that Strategy typically deploys for bitcoin.

Bitmine’s latest transaction marked its largest weekly ether accumulation of 2026. The company began the year buying roughly $76 million in ETH each week, and it increased purchases over four months. It now holds more than 5 million ETH, which equals about 4.21% of the circulating supply.

The firm pivoted to its current ether-focused treasury strategy in June 2025. It reached the 5 million ETH milestone within roughly ten months of that shift. Lee said ETH remains in the late phase of a “mini-crypto winter,” and he added that “a bottom is forming” in equity markets.

Bitmine has staked about 73% of its ether holdings to generate yield. The company reports around $264 million in annualized revenue from staking returns. As of early April, total crypto and cash holdings stood at $13.3 billion.

Strategy Maintains Bitcoin Buying Baseline

Strategy, led by Michael Saylor, continues to purchase bitcoin through capital markets activity. The company’s regular weekly buys range between $200 million and $300 million. It excludes larger bursts tied to at-the-market sales of its perpetual preferred stock, STRC.

The largest 2026 purchase occurred on April 21, when Strategy acquired $2.54 billion in bitcoin. Earlier spikes appeared in mid-January, late February, and late March. However, those transactions stand apart from the routine weekly baseline.

Strategy paused its 13-week bitcoin buying streak in late March. The company resumed purchases in April as prices stabilized. Bitcoin had fallen to the mid-$60,000s during February before recovering.

Bitmine faced pressure earlier in the year when prices declined. In February and early March, the firm held nearly $8 billion in unrealized losses against $16 billion in total purchases. Despite that gap, the company continued acquiring ether at a steady pace.

Ether has risen about 22% from its February lows below $1,900. Bitmine’s weekly buying pace has increased rather than slowed during the rebound. The recent $234 million purchase placed its structural buying level near Strategy’s standard weekly bitcoin acquisitions.

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