Ethereum treasury firm BitMine Immersion Technologies acquired nearly $98 million worth of Ether as subdued year-end trading kept prices under pressure.
The company purchased 32,938 ETH in a single day as market conditions remained muted in the final week of 2025.
Data showed BitMine’s total Ether holdings have climbed to approximately 4.07 million ETH, valued at around $12 billion.
BitMine also staked an additional 118,944 ETH, reinforcing its strategy of generating passive yield for shareholders.
Fundstrat founder Tom Lee, who oversees BitMine’s Ethereum strategy, said seasonal factors were weighing on prices.
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.
Tom Lee said.
Analysts noted that tax-loss selling typically accelerates in late December as investors seek to offset gains.
Lee added that reduced institutional participation over the Christmas period has left automated trading systems dominating market activity.
Despite the broader market slowdown, BitMine continued accumulating Ether at a rapid pace.
The company has added more than 77,400 ETH to its balance sheet since the previous Monday.
Lee described BitMine as the largest source of “fresh money” entering the Ether market during this period.
BitMine has now bought more than 40,000 ETH per week for at least ten consecutive weeks.
The sustained buying has widened the firm’s lead over rival Ethereum treasury strategies.
The accumulation comes as debate intensifies in the United States over a proposed California wealth tax.
Several crypto executives criticised the proposal, which would impose a five percent levy on billionaires.
Opponents argued that taxing unrealised gains could drive capital and talent out of the state.
I promise you this will be the final straw. Billionaires will take with them all of their spending, hobbies, philanthropy and jobs.
Former Kraken chief executive Jesse Powell said.
Critics warned that such measures could undermine California’s status as a global technology hub.
Supporters of the tax argued it could address inequality without harming innovation.
Market participants said regulatory uncertainty continues to influence long-term crypto investment decisions.
BitMine’s steady buying highlighted confidence in Ethereum despite short-term price compression.
Observers said treasury-style accumulation strategies may increasingly shape crypto market dynamics in 2026.
At the time of reporting, Ethereum price was $2,968.63.