BeInCrypto • October 6th 2026, 5:45 AM
BitMine Shares Outperformed Ethereum in 2026, and Tom Lee Highlights One Move
Key Summary
BitMine's stock fell 3% in the first 9 months of 2026, but its Ethereum holdings and buyback strategy helped it outperform Ethereum, according to chairman Tom Lee. Lee highlighted a 21 million share buyback as a key factor in the company's success.
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Key Takeaways
- BitMine's stock fell 3% in the first 9 months of 2026, but its Ethereum holdings and buyback strategy helped it outperform Ethereum.
- Tom Lee highlighted a 21 million share buyback as a key factor in the company's success.
Market & Token Impact
- BitMine's Ethereum holdings rose to 6.02 million tokens, or 4.9% of supply, and the company's 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.
Broader Context & What's Next
- Ethereum needs to rise roughly 22% to reach the average cost of $3,300 per ETH, which would put the stack underwater at Citi's target.
- The fourth quarter will test whether BitMine's edge holds and whether Tom Lee's bull call plays out.
- Whether BitMine's weekly buying continues past its 5% supply target will shape how much support the company keeps giving Ethereum.
- Citi's 12-month Ethereum target of $3,028 implies about 12% upside from current levels, but the current price and unrealized loss imply an average cost near $3,300 per ETH.