Ethereum finance firm BitMine Immersion Technologies raised $97.6 million value of Ether on Tuesday because the crypto market stays subdued in the ultimate days of 2025.
Nansen data shows that BitMine purchased 32,938 Ether (ETH). Other data shows that the full supply is now 4.07 million ETH, value $12 billion.
BitMine also invested a further 118,944 ETH, continuing its strategy of generating passive returns for shareholders.
BitMine's latest buying spree comes amid a general compression within the crypto market, which Tom Lee, BitMine's Ethereum strategy coordinator, said is partly as a consequence of a surge in tax-loss selling within the US:
“Year-end tax-loss selling pushes down the costs of cryptocurrencies and cryptocurrency stocks, and this effect tends to last from 12/26 to 12/26.
Further tax-loss selling typically occurs toward the tip of December as individuals and institutions unload assets to offset gains and reduce their taxable income for the 12 months.
Lee, founder and managing partner of Fundstrat, said crypto prices were also impacted by institutional investors taking a pause over the vacation season as bots dominate trading activity.
Selling pressure has stalled the upward move in prices, with the full cryptocurrency market cap now hovering across the $3 trillion mark over the past two weeks, data from CoinGecko shows.
Change in crypto market cap within the last two weeks. Source: CoinGecko
BitMine’s ETH buying activity has not slowed down
Despite the market slump, BitMine has gathered greater than 77,400 ETH since last Monday, extending its lead over competitors and becoming what Lee calls the most important “fresh money” buyer of ETH.
BitMine has now purchased greater than 40,000 ETH every week for not less than 10 consecutive weeks.
Digital asset treasuries by value of crypto holdings. Source: BitMine
California's proposed wealth tax sparks controversy
This got here as several crypto leaders criticized a proposed 5% wealth tax on billionaires earlier this week, with opponents arguing it could trigger an exodus of entrepreneurs and capital from the tech-savvy state.
“I promise you, this can be the ultimate straw. Billionaires will take all their spending, hobbies, philanthropy and jobs with them,” said former Kraken CEO Jesse Powell.
The proposal imposes taxes on unrealized gains.
