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BitMine Shares Outperformed Ethereum in 2026, and Tom Lee Highlights One Move

BitMine Immersion Technologies’ inventory fell 3% in the primary 9 months of 2026, based on chairman Tom Lee. Ethereum (ETH) dropped 10% over the identical stretch, leaving the inventory forward by 731 foundation factors.

Lee tied the hole to a number of firm actions and singled out one among them. However, the comparability appears totally different as soon as BitMine’s personal ETH holdings and its closest rivals enter the image.

Tom Lee Singles Out a 21 Million Share Buyback Among Several Moves

In BitMine’s weekly replace on October 5, Lee referred to as the hole notable as a result of it got here throughout a bear market.

“We completed this through many actions, together with executing the most important ever crypto treasury fairness buyback, buying 21 million shares in 2026 alone,” Lee said

BitMine additionally saved shopping for Ethereum. It added 15,112 ETH in the week by way of October 4. That lifted its holdings to about 6.02 million tokens, or 4.9% of provide.

The agency’s lead over its token matches a sample seen among the many greatest crypto treasury corporations this 12 months. The largest Bitcoin and Solana treasuries additionally beat their very own tokens, some by wider margins, Yahoo Finance knowledge shows. 

Digital Asset Treasury Stocks Vs. Tokens. Source: BeInCrypto

Strategy rose 0.8% through September whereas Bitcoin (BTC) fell. Forward Industries gained 18% as Solana (SOL) slipped. SharpLink, another Ethereum treasury agency, climbed 3.8% over the identical interval and completed forward of BitMine.

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Where Ethereum Needs to Go for BitMine’s Stack to Turn Green

Meanwhile, the ETH on BitMine’s steadiness sheet continues to be price lower than the corporate paid for it, a loss that predates this 12 months’s rally. Artemis knowledge on October 6 put the corporate’s unrealized loss at $3.6 billion, the most important on its treasury chart.

Unrealized Profit and Loss of Digital Asset Treasury Firms. Source: Artemis

ETH traded at $2,703.67 at press time, down 1.07% over 24 hours, per BeInCrypto Markets knowledge. The value sits about 45% beneath its $4,946.05 peak from August 24, 2025.

Ethereum (ETH) Price Performance. Source: BeInCrypto Markets

Citi’s 12-month Ethereum target of $3,028 implies about 12% upside from present ranges. Still, Artemis’s loss determine and the present value indicate a mean value close to $3,300 per ETH. Ethereum would wish to rise roughly 22% to succeed in that degree, so the stack would keep underwater at Citi’s goal.

Lee has argued that crypto is getting into its biggest bull cycle yet. During the third-quarter rally, BitMine gained about 99% whereas ETH rose 71%. The fourth quarter will check whether or not that edge holds, and whether or not Lee’s bull name performs out in any respect.

BitMine now sits roughly 88,600 ETH in need of its 5% provide goal. Whether its weekly shopping for continues previous that mark will form how a lot assist the corporate retains giving Ethereum.

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The submit BitMine Shares Outperformed Ethereum in 2026, and Tom Lee Highlights One Move appeared first on BeInCrypto.

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