BitMine Stock Beats Ethereum in 2026 Despite Crypto Bear Market

BitMine Immersion Technologies outperformed Ethereum (ETH) in 2026, despite a challenging market. According to chairman Tom Lee, the company's stock fell by 3% in the first nine months of the year, while Ethereum dropped 10%, leaving BitMine ahead by 731 basis points. Lee attributed this performance to several strategic moves, notably a 21 million share buyback in 2026. BitMine also continued to accumulate Ethereum, adding 15,112 ETH in the week ending October 4, bringing its total holdings to about 6.02 million tokens, or 4.9% of Ethereum's supply.

The company's strategy aligns with a broader trend among major crypto treasury firms, where stocks have often outperformed their held tokens. For instance, Forward Industries saw an 18% gain while Solana (SOL) slipped, and SharpLink, another Ethereum treasury firm, climbed 3.8%. However, BitMine's Ethereum holdings remain underwater, with an unrealized loss of $3.6 billion as of October 6. At the time of reporting, ETH traded at $2,703.67, down 1.07% over 24 hours, and about 45% below its August 24, 2025 peak of $4,946.05.

Citi's 12-month Ethereum target of $3,028 suggests a potential 12% upside from current levels, but this still leaves BitMine's stack in the red. To break even, Ethereum would need to rise roughly 22% to reach an average cost of near $3,300 per ETH. Lee has argued that crypto is entering its biggest bull cycle yet, with BitMine gaining about 99% during the third-quarter rally while ETH rose 71%. The fourth quarter will test whether this edge holds and if Lee's bullish outlook materializes.

BitMine is currently about 88,600 ETH short of its 5% supply target. Whether the company continues its weekly buying past this mark will influence the level of support it provides to Ethereum moving forward.