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

BeInCrypto2026/10/06 06:30

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BitMine Immersion Technologies stock fell 3% in the first 9 months of 2026, according to chairman Tom Lee. Ethereum (ETH) dropped 10% over the same stretch, leaving the stock ahead by 731 basis points. Lee tied the gap to several company actions and singled out one of them. However, the comparison looks different once BitMines own ETH holdings and its closest rivals enter the picture. Tom Lee Singles Out a 21 Million Share Buyback Among Several Moves In BitMines weekly update on October 5, Lee called the gap notable because it came during a bear market. We accomplished this via many actions, including executing the largest ever crypto treasury equity buyback, acquiring 21 million shares in 2026 alone, Lee said BitMine also kept buying Ethereum. It added 15,112 ETH in the week through October 4. That lifted its holdings to about 6.02 million tokens, or 4.9% of supply. The firms lead over its token fits a pattern seen among the biggest crypto treasury companies this year. The largest Bitcoin and Solana treasuries also beat their own tokens, some by wider margins, Yahoo Finance data shows. Digital Asset Treasury Stocks Vs. Tokens. Source: BeInCrypto Strategy rose 0.8% through September while Bitcoin (BTC) fell. Forward Industries gained 18% as Solana (SOL) slipped. SharpLink, another Ethereum treasury firm, climbed 3.8% over the same period and finished ahead of BitMine. Where Ethereum Needs to Go for BitMines Stack to Turn Green Meanwhile, the ETH on BitMines balance sheet is still worth less than the company paid for it, a loss that predates this years rally. Artemis data on October 6 put the companys unrealized loss at $3.6 billion, the largest 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 data. The price sits about 45% below its $4,946.05 peak from August 24, 2025. Ethereum (ETH) Price Performance. Source: BeInCrypto Markets Citis 12-month Ethereum target of $3,028 implies about 12% upside from current levels. Still, Artemiss loss figure and the current price imply an average cost near $3,300 per ETH. Ethereum would need to rise roughly 22% to reach that level, so the stack would stay underwater at Citis target. Lee has argued that crypto is entering its biggest bull cycle yet. During the third-quarter rally, BitMine gained about 99% while ETH rose 71%. The fourth quarter will test whether that edge holds, and whether Lees bull call plays out at all. BitMine now sits roughly 88,600 ETH short of its 5% supply target. Whether its weekly buying continues past that mark will shape how much support the company keeps giving Ethereum. Read the article at BeInCrypto

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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01:09 PM EDT, 10/06/2026 (MT Newswires) -- Broad Market Indicators Broad-market exchange-traded fund IWM fell and IVV edged higher. Actively traded Invesco QQQ Trust (QQQ) added 0.7%. US equity indexes rose as big-tech names helped the S&P 500 and the Nasdaq Composite hit fresh all-time highs intraday amid declining government bond yields and crude oil. Energy IShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) were each up about 0.8%. Technology The State Street Technology Select Sector SPDR ETF (XLK) gained 0.8%; iShares US Technology ETF (IYW) added 0.7%, and iShares Expanded Tech Sector ETF (IGM) was 0.8% higher. The State Street SPDR S&P Semiconductor (XSD) climbed 1.4%, and iShares Semiconductor (SOXX) rose 0.6%. Financial The State Street Financial Select Sector SPDR (XLF) added 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) advanced 0.5%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 0.4%. Commodities Crude oil rose 0.2%, and the United States Oil Fund (USO) added 0.3%. Natural gas gained 1.3%, and the United States Natural Gas Fund (UNG) was up 1.2%. Gold on Comex gained 0.7%, and the State Street SPDR Gold Shares (GLD) was up 0.4%. Silver rose 0.5%, and iShares Silver Trust (SLV) gained 0.3%. Consumer The State Street Consumer Staples Select Sector SPDR (XLP) was 1% higher, and the Vanguard Consumer Staples ETF (VDC) rose 1.1%. The State Street Consumer Discretionary Select Sector SPDR (XLY) added 1.1%. VanEck Retail ETF (RTH) was up 1%, and the State Street SPDR S&P Retail (XRT) edged up 0.3%. Healthcare The State Street Health Care Select Sector SPDR (XLV) slipped 0.1%, while iShares US Healthcare (IYH) shed 0.2%, and Vanguard Health Care ETF (VHT) fell 0.4%. IShares Biotechnology ETF (IBB) declined 2.1%. Industrial The State Street Industrial Select Sector SPDR (XLI) added 1.2%. Vanguard Industrials Index Fund (VIS) rose 1.1%, and iShares US Industrials (IYJ) gained 1.1%. Cryptocurrency In midday activity, bitcoin (BTC-USD) shed

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