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 last days of 2025.
Nansen data reveals BitMine bought 32,938 Ether (ETH). Different data reveals its whole holdings are actually 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, said was 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 usually occurs towards the tip of December as people and establishments offload property to offset earnings and decrease their taxable income for the 12 months.
Lee, a founder and managing associate of Fundstrat, stated crypto costs have additionally been affected by institutional buyers taking a break through the Christmas period, because it leaves bots to dominate trading activity.
The promoting strain has stalled upward value motion, with the crypto whole market cap having now hovered across the $3 trillion mark for the previous two weeks, CoinGecko data reveals.
BitMine’s ETH shopping for exercise hasn’t slowed
Regardless of the market hunch, BitMine has accumulated greater than 77,400 ETH since final Monday, widening its lead over opponents and turning into what Lee calls the most important “contemporary cash” purchaser of ETH.
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BitMine has now bought greater than 40,000 ETH every week for not 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 last straw. Billionaires will take with all of them of their spending, hobbies, philanthropy and jobs,” former Kraken CEO Jesse Powell stated.
The proposal contains taxes on unrealized good points.
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