BitMine Immersion Technologies' stock declined 3% during the first nine months of 2026, outperforming Ethereum, which dropped 10% over the same period, according to chairman Tom Lee. The gap of 731 basis points stands out given the broader bear market conditions affecting cryptocurrency markets.
Lee highlighted several company actions driving the relative outperformance, singling out a 21 million share buyback executed in 2026 alone, described as the largest crypto treasury equity buyback on record. BitMine also continued accumulating Ethereum, adding 15,112 ETH in the week through October 4, bringing its total holdings to approximately 6.02 million tokens, representing 4.9% of total supply.
The pattern of digital asset treasury stocks outperforming their underlying tokens extended beyond BitMine. Bitcoin and Solana treasury firms also beat their respective tokens by varying margins in 2026, with Strategy gaining 0.8% as Bitcoin fell, and Forward Industries rising 18% while Solana declined. SharpLink, another Ethereum treasury firm, climbed 3.8% and finished ahead of BitMine.
Despite the stock outperformance, BitMine's Ethereum holdings remain underwater. Artemis data from October 6 showed the company faced an unrealized loss of $3.6 billion on its digital asset treasury, the largest loss among firms tracked on its chart. With Ethereum trading near $2,703.67, approximately 45% below its August 2025 peak of $4,946.05, the company's average cost per ETH sits around $3,300. This implies Ethereum would need to rise roughly 22% to reach BitMine's entry price.
BitMine currently holds approximately 88,600 ETH fewer than its 5% supply target. The continuation of weekly purchases will determine both the level of support the company provides to Ethereum and whether the stock's recent outperformance persists.
