BitMine Stock Outperforms Ethereum Despite Bear Market Challenges
BitMine Immersion Technologies’ stock outperformed Ethereum (ETH) in 2026, despite a 3% decline in the first nine months of the year. Chairman Tom Lee noted that ETH dropped 10% over the same period, leaving BitMine’s stock ahead by 731 basis points. Lee attributed this performance to several company actions, highlighting a major equity buyback as a key move.
In BitMine’s weekly update on October 5, Lee emphasized that the outperformance occurred during a bear market. The company executed the largest crypto treasury equity buyback, acquiring 21 million shares 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 ETH’s supply.
Despite this success, BitMine’s ETH 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. Citi’s 12-month target for ETH is $3,028, implying a 12% upside from current levels. However, Artemis data suggests an average cost near $3,300 per ETH, requiring a roughly 22% increase to break even.
Lee has predicted 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 still 88,600 ETH short of its 5% supply target, and continued weekly buying will shape the company’s support for Ethereum.