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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As of market close, mining and banking stocks recorded the largest declines this week, as investors await the minutes of the Reserve Bank of Australia’s meeting scheduled for October 13. Boosted by a deal between Google and Constellation Energy, uranium mining stocks surged. On Wednesday, the Australian stock market closed slightly lower amid volatile trading, with global yields and oil prices remaining high, leading investors to adopt a wait-and-see attitude. The benchmark S&P/ASX 200 Index closed down 0.1% at 8,727.70 points, having risen as much as 0.2% during the session. The index had gained more than 1% over the past three trading days. The recent bond market sell-off kept the yield on the benchmark 10-year U.S. Treasury above 5.3%, dampening risk appetite among investors. Oil prices rose amid storm threats in the Gulf of Mexico and escalating tensions between Saudi Arabia and Houthi forces. According to BetaShares investment strategist Hugh Lam, despite persistently high bond yields, the stock market remains resilient with global corporate earnings serving as the main support; however, sustaining the rally through year-end is becoming increasingly difficult, especially for long-duration growth stocks. Rising yields signal the market expects higher borrowing costs for governments and corporations, and also anticipates sustained inflation. On the day, banking stocks fell 0.6%, marking their worst single-day performance in nearly a week. Of the “big four” banks, Westpac saw the largest drop, down 1.2%. The market is awaiting the Reserve Bank of Australia’s policy meeting minutes next week for insights into policymakers’ views on inflation, which prompted the central bank to raise interest rates last week to their highest levels in 15 years. September quarter consumer price data, due at the end of October, may provide further clues on the direction of interest rates. The mining sub-index slipped 0.3%, dragged down by falling copper prices. Industry leaders BHP fell 0.7% and Rio Tinto dropped 0.6%. Energy stocks rose 0.5%, driven by uranium miners after Google signed a 20-year power purchase agreement linked to nuclear power generation. Component stocks Deep Yellow, Paladin Energy, and NexGen Energy Ltd gained between 2.5% and 4.6%. New Zealand’s S&P/NZX 50 Index fell 0.1%, closing at 13,684.04 points.

路透社•2026/10/07 06:41