BitMine Immersion Technologies acquired $97.6 million worth of Ether, totaling 32,938 ETH. Their holdings now stand at 4.07 million ETH, valued at $12 billion. BitMine also staked 118,944 ETH to generate passive returns amidst a crypto market compression due to year-end tax-loss selling in the US.

Despite market challenges, BitMine continued to accumulate ETH, acquiring over 77,400 ETH this week. They have purchased more than 40,000 ETH weekly for 10 consecutive weeks, solidifying their position as the leading buyer of ETH.

A proposed 5% wealth tax on billionaires in California sparked controversy among crypto leaders, with concerns about capital flight from the state. The tax would apply to unrealized gains, prompting criticism from former Kraken CEO Jesse Powell and others in the tech industry.

Read more at Cointelegraph: BitMine Capitalized on Year-End Tax-Loss Selling With $98M ETH Buy