BitMine Shares Outperformed Ethereum in 2026, and Tom Lee Highlights One Move

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 BitMine's own ETH holdings and its closest rivals enter the picture.

Tom Lee Singles Out a 21 Million Share Buyback Among Several Moves

In BitMine's 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 firm'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, Yahoo Finance data shows.

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.