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 BitMine’s own ETH holdings and its closest rivals enter the picture.
Tom Lee Singles Out a 21 Million Share Buyback Among Several Moves
In BitMine’s 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 firm’s 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.
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 BitMine’s Stack to Turn Green
Meanwhile, the ETH on BitMine’s balance sheet is still worth less than the company paid for it, a loss that predates this year’s rally. Artemis data on October 6 put the company’s unrealized loss at $3.6 billion, the largest on its treasury chart.
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.
Citi’s 12-month Ethereum target of $3,028 implies about 12% upside from current levels. Still, Artemis’s 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 Citi’s 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 Lee’s 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.
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