Tom Lee Points to Buyback After BitMine Stock Outstrips Ethereum in 2026

BitMine Immersion Technologies shares lost 3% in the first three quarters of 2026, according to Chairman Tom Lee. Across the same timeframe, Ethereum (ETH) shed 10%, putting the stock 731 basis points ahead.

Lee attributed the outperformance to a series of corporate moves and highlighted one in particular. The picture shifts, though, when factoring in BitMine’s own Ether holdings and its most direct competitors.

Tom Lee Points to 21 Million Share Repurchase as One Key Move

In the firm's October 5 weekly update, Lee described the gap as noteworthy because it occurred in 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 continued to accumulate Ether. The company purchased 15,112 ETH in the week ending October 4, bringing its total to roughly 6.02 million tokens, equivalent to 4.9% of the circulating supply.

The firm’s lead over its own token fits a pattern seen among the largest crypto treasury firms this year. The most substantial Bitcoin and Solana treasuries also outperformed their tokens, some by wider margins, Yahoo Finance data shows.

Strategy recorded a 0.8% gain through the end of September while Bitcoin (BTC) declined. Forward Industries jumped 18% amid a drop in Solana (SOL). SharpLink, another Ether treasury company, advanced 3.8% over the same stretch and ended ahead of BitMine.

How Much Higher Ethereum Must Rise for BitMine's Holdings to Break Even

The Ether on BitMine's books remains valued below its purchase price, a loss that existed before this year's uptrend. As of October 6, Artemis figures placed the unrealized loss at $3.6 billion, the biggest on its treasury chart.

At the time of writing, Ether was trading at $2,703.67, a 1.07% fall from the previous day, according to BeInCrypto Markets data. The current level is roughly 45% under its peak of $4,946.05 from August 24, 2025.

Citi's 12-month price forecast for Ethereum at $3,028 implies an approximately 12% gain from the current price. Yet, based on Artemis's loss data and the present price, the average acquisition cost sits around $3,300 per Ether. To hit that level, Ethereum would need to climb about 22%, meaning the holdings would remain in the red even at Citi's target.

Lee has contended that the crypto market is heading into its largest bull run ever. In the third-quarter surge, BitMine jumped approximately 99% versus Ether's 71% advance. The fourth quarter will determine if that advantage persists and whether Lee's bullish prediction materializes.

BitMine currently is about 88,600 ETH away from its goal of owning 5% of the total supply. If the weekly purchases extend beyond that threshold, it will influence the degree of backing the firm provides to Ethereum.