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Ethereum treasury company BitMine Immersion Technologies has acquired $97.6 million worth of Ether (ETH) as the cryptocurrency market experiences a slowdown in the final days of 2025. This significant purchase, totaling 32,938 ETH, adds to BitMine's substantial holdings, now valued at $12 billion. The company also continues its strategy of staking ETH to generate passive returns for its shareholders.
Key Takeaways
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BitMine purchased $97.6 million in Ether (ETH) on Tuesday.
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The company's total ETH holdings now exceed 4.07 million ETH, valued at $12 billion.
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BitMine has also staked an additional 118,944 ETH.
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Fundstrat's Tom Lee attributes the market compression to year-end tax-loss selling and a holiday break for institutional investors.
BitMine's Strategic Accumulation
Despite a broader crypto market compression, BitMine has maintained a consistent buying strategy. Data indicates that the company has accumulated over 77,400 ETH in the past week alone, solidifying its position as a leading "fresh money" buyer in the ETH market. This aggressive accumulation has been ongoing for at least 10 consecutive weeks, with BitMine purchasing more than 40,000 ETH weekly during this period.
Understanding the Market Downturn
Tom Lee, who orchestrates BitMine's Ethereum strategy and is a founder and managing partner at Fundstrat, provided insight into the current market conditions. He explained that the recent dip in crypto prices is partly influenced by tax-loss selling in the United States, a common practice where individuals and institutions sell assets to offset capital gains and reduce their tax liabilities. Lee noted that this effect is typically most pronounced between December 26th and December 30th.
Furthermore, Lee pointed to the holiday season as another factor, with institutional investors taking a break, leaving trading activity largely dominated by automated bots. This has contributed to a stall in upward price movements, with the total crypto market capitalization hovering around the $3 trillion mark for the past two weeks.
Broader Market and Regulatory Context
In related news, a proposed 5% wealth tax on billionaires in California has sparked controversy within the crypto community. Critics, including former Kraken CEO Jesse Powell, argue that such a tax could lead to an exodus of entrepreneurs and capital from the state, potentially impacting jobs and philanthropic efforts. The proposal notably includes taxes on unrealized gains, a point of contention for many in the tech and crypto sectors.
Sources
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BitMine bags $98M in ETH as year-end selling caps gains: Tom Lee — TradingView News, TradingView — Track All Markets.
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