- BitMine Immersion Technologies bought 32,938 ETH (~$97.6 million) on Tuesday and now holds about 4.07 million ETH (roughly $12 billion).
- The company staked an additional 118,944 ETH to earn passive returns for shareholders.
- BitMine has bought more than 40,000 ETH weekly for at least 10 weeks and added over 77,400 ETH since last Monday.
- Year-end tax-loss selling and thin holiday trading helped keep the crypto market around a $3 trillion total market cap.
BitMine Immersion Technologies purchased 32,938 Ether (ETH) on Tuesday, a buy valued at about $97.6 million, according to Nansen data. The firm’s total holdings now stand near 4.07 million ETH, a figure shown on the Strategic ETH Reserve dashboard and valued at roughly $12 billion.
BitMine also staked 118,944 ETH as part of its strategy to generate passive returns for shareholders. Staking is the process of locking cryptocurrency to support network operations and earn rewards. The company has continued steady accumulation, having added more than 77,400 ETH since last Monday and buying over 40,000 ETH each week for at least 10 consecutive weeks, according to a BitMine post.
Market conditions have remained muted in late December. The crypto total market capitalization has hovered near $3 trillion for about two weeks, as shown by CoinGecko charts. Tom Lee, who helped design BitMine’s Ethereum approach, attributed part of the downward pressure to year-end tax-loss selling, writing on social media: "Year-end tax-loss related selling is pushing down crypto and crypto equity prices and this effect tends to be the greatest from 12/26 to 12/30, so we are navigating markets with this in mind.” Tax-loss selling means selling assets to realize losses that can offset taxable gains.
A proposed California wealth tax drew criticism from crypto leaders this week. Former Kraken CEO Jesse Powell warned, "I promise you this will be the final straw. Billionaires will take with them all of their spending, hobbies, philanthropy and jobs.” The proposal would include taxes on unrealized gains.
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