Ethereum treasury firm BitMine Immersion Applied sciences scooped up $97.6 million price of Ether on Tuesday because the crypto market stays muted within the ultimate days of 2025.
Nansen knowledge reveals BitMine bought 32,938 Ether (ETH). Different knowledge reveals its whole holdings at the moment are 4.07 million ETH, price $12 billion.
BitMine additionally staked one other 118,944 ETH, persevering with its technique to earn passive returns for shareholders.
BitMine’s newest shopping for spree comes amid a broader crypto market compression, which Tom Lee, the orchestrator of BitMine’s Ethereum technique, mentioned was partly because of an uptick in tax-loss promoting within the US:
“Yr-end tax-loss associated promoting is pushing down crypto and crypto fairness costs and this impact tends to be the best from 12/26 to 12/30, so we’re navigating markets with this in thoughts.”
Extra tax-loss promoting usually occurs towards the top of December as people and establishments offload belongings to offset income and decrease their taxable revenue for the 12 months.
Lee, a founder and managing associate of Fundstrat, mentioned crypto costs have additionally been affected by institutional traders taking a break through the Christmas interval, because it leaves bots to dominate buying and selling exercise.
The promoting strain has stalled upward worth motion, with the crypto whole market cap having now hovered across the $3 trillion mark for the previous two weeks, CoinGecko knowledge reveals.
BitMine’s ETH shopping for exercise hasn’t slowed
Regardless of the market droop, BitMine has accrued greater than 77,400 ETH since final Monday, widening its lead over rivals and turning into what Lee calls the biggest “recent cash” purchaser of ETH.
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BitMine has now bought greater than 40,000 ETH every week for no less than 10 consecutive weeks.
Proposed California wealth tax stirs controversy
It comes as a number of crypto leaders slammed a proposed 5% wealth tax on billionaires earlier this week, with opponents arguing it might set off an exodus of entrepreneurs and capital out of the tech-savvy state.
“I promise you this would be the ultimate straw. Billionaires will take with all of them of their spending, hobbies, philanthropy and jobs,” former Kraken CEO Jesse Powell mentioned.
The proposal contains taxes on unrealized good points.
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