Ethereum treasury firm BitMine Immersion Applied sciences scooped up $97.6 million value of Ether on Tuesday because the crypto market stays muted within the remaining days of 2025.
Nansen information exhibits BitMine bought 32,938 Ether (ETH). Different information exhibits its complete holdings is now 4.07 million ETH, value $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 is partly resulting from an uptick in tax-loss promoting within the US:
“12 months-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 sometimes occurs towards the tip of December as people and establishments offload property to offset income and decrease their taxable earnings for the yr.
Lee, a founder and managing companion of Fundstrat, mentioned crypto costs have additionally been affected by institutional buyers taking a break throughout the Christmas interval, because it leaves bots to dominate buying and selling exercise.
The promoting stress has stalled upward value motion, with the crypto complete market cap having now hovered across the $3 trillion mark for the previous two weeks, CoinGecko information exhibits.
Change in crypto market cap over the previous fortnight. Supply: CoinGecko
BitMine’s ETH shopping for exercise hasn’t slowed
Regardless of the market stoop, BitMine has gathered greater than 77,400 ETH since final Monday, widening its lead over rivals and turning into what Lee describes as the biggest “contemporary cash” purchaser of ETH.
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BitMine has now bought greater than 40,000 ETH every week for a minimum of 10 consecutive weeks.
Digital asset treasuries by worth of crypto holdings. Supply: BitMine
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 remaining 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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