BitMine Adds Nearly $98M in Ethereum as Year-End Selling Weighs on Prices

BitMine Expands Ethereum Holdings During Year-End Market Lull

BitMine Immersion Technologies increased its Ethereum exposure on Tuesday, purchasing approximately $97.6 million worth of ETH as crypto markets remained subdued in the final days of 2025.

On-chain data from Nansen shows the firm acquired 32,938 ETH, bringing its total Ethereum holdings to roughly 4.07 million ETH, valued at about $12 billion at current prices.

The purchase comes at a time when digital asset prices have struggled to gain momentum, largely due to seasonal selling and reduced institutional participation.

Staking Remains Central to BitMine’s Treasury Strategy

Alongside its latest acquisition, BitMine staked an additional 118,944 ETH, reinforcing its focus on generating yield through its long-term Ethereum staking strategy rather than relying solely on price appreciation.

By consistently deploying ETH into staking, the company aims to convert periods of market consolidation into recurring, on-chain income for shareholders.

Tom Lee: Tax-Loss Selling and Bots Are Pressuring Prices

Fundstrat co-founder Tom Lee, who oversees BitMine’s Ethereum accumulation strategy, said the recent weakness in prices reflects a familiar end-of-year trend in U.S. markets.

According to Lee, tax-loss harvesting in crypto typically intensifies between December 26 and December 30, as investors sell underperforming assets to offset taxable gains.

“Year-end tax-loss related selling is pushing down crypto and crypto equity prices, and this effect tends to be the greatest in the final days of December,” Lee said.

He added that institutional investors often step back during the Christmas period, leaving automated trading systems to dominate market activity and suppress volatility.

Crypto Market Cap Stalls Near $3 Trillion

The broader selling pressure has limited upside across digital assets, with the total cryptocurrency market capitalization hovering around $3 trillion for the past two weeks, according to CoinGecko’s market dat

The lack of sustained inflows has made it difficult for prices to break higher despite ongoing accumulation by long-term buyers.

BitMine’s Ethereum Accumulation Continues at a Record Pace

Despite the muted market backdrop, BitMine has shown no signs of slowing its purchases. Since last Monday alone, the firm has accumulated more than 77,400 ETH, strengthening its position as one of the most aggressive institutional crypto treasury buyers in the market.

BitMine has now acquired over 40,000 ETH per week for at least 10 consecutive weeks, a pace that Lee has described as making the firm the largest source of “fresh money” entering the Ethereum ecosystem.

The company publicly highlighted its accumulation strategy in a recent update shared on X (formerly Twitter)

Regulatory Uncertainty Grows With Proposed California Wealth Tax

BitMine’s latest buying activity comes as crypto leaders push back against a proposed 5% wealth tax on billionaires in California, which would include taxes on unrealized gains.

Critics argue the proposal could accelerate an outflow of capital, talent, and innovation from the state. Former Kraken CEO Jesse Powell warned that such a move could prompt wealthy founders to relocate, taking their spending, philanthropy, and job creation with them.

Outlook: Long-Term Accumulation Over Short-Term Noise

While short-term price action remains constrained by tax-driven selling and thin holiday liquidity, BitMine’s continued accumulation highlights growing confidence in Ethereum’s long-term fundamentals.

As seasonal pressures fade and institutional participation returns in the new year, firms positioned around yield, scale, and disciplined accumulation may be better placed to benefit from the next phase of crypto market expansion.

See all our insights: Bitcoin World News