#StrategyAccumulates2xMiningRate

The New Pace of Corporate Crypto Treasuries: How Bitmine Is Matching Strategy’s Bitcoin Buying Power with Ethereum

In the world of institutional crypto, one name has dominated the conversation for years: Strategy, the firm led by Michael Saylor. Known for its relentless Bitcoin accumulation, Strategy has set the standard for corporate treasury plays in digital assets. But as of April 2026, a second major player is drawing serious attention by mirroring that playbook with Ethereum.

Bitmine Immersion Technologies, chaired by Fundstrat’s Tom Lee, just recorded its largest weekly ETH purchase of 2026. The company acquired 101,901 ETH worth roughly $234 million last week alone. That number is important because it puts Bitmine’s weekly buying rate almost at parity with Strategy’s regular Bitcoin purchases.

To put it in perspective: Strategy’s normal weekly buys are around $200 million to $300 million in BTC, once you strip out the massive one-off spikes funded by its STRC preferred stock sales. Bitmine’s $234 million ETH buy fits right into that range. Crypto trader Luke Martin highlighted this shift on X, noting that if you ignore Strategy’s monthly STRC-fueled surges, Bitmine’s routine ETH accumulation is now running at the same tempo.

This isn’t a one-time event. Bitmine has been ramping up for four months straight. Back in early January 2026, it was buying about $76 million in ETH per week. By late April, that figure tripled. The result: Bitmine now holds over 5 million ETH, which is roughly 4.21% of Ethereum’s entire circulating supply.

Why this matters for the market
1. Two dominant buyers, not one: For the first time, Strategy has company. Most digital asset treasury firms paused or slowed down during February’s market dip that sent BTC to the mid-$60,000s and ETH below $1,900. Bitmine kept scaling. That makes it the only other major corporate buyer currently keeping pace. 2. Yield + accumulation: Bitmine isn’t just holding. The firm has staked about 73% of its ETH, generating roughly $264 million in annualized revenue from staking rewards. Total crypto and cash holdings reached $13.3 billion as of early April. 3. Supply impact: When a single entity holds over 4% of ETH and continues buying $200M+ weekly, it changes the supply dynamics on exchanges. Strategy is doing the same with Bitcoin, having acquired 94,470 BTC in 2026 while miners only produced 43,000 BTC in the same period. Strategy’s buy rate is 2.2 times the network’s natural supply.
The bigger picture
Tom Lee’s view is that ETH is in the late stages of a “mini-crypto winter” and that a bottom is forming in equity markets. Bitmine pivoted to this ETH-focused strategy in June 2025 and hit the 5 million ETH milestone in roughly 10 months.

Meanwhile, Strategy itself manages 818,334 BTC, about 3.9% of Bitcoin’s total supply, acquired at an average of $75,537 per coin. Between April 20 and 26, it added another 3,273 BTC for $255 million.

So when we talk about #StrategyAccumulates2xMiningRate, it’s not just a slogan. The data shows institutional accumulation now exceeds new supply for both BTC and ETH. Bitmine’s rise means the corporate treasury race has two lanes, and both are accelerating.
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