BitMine Immersion Technologies stocks have shown better performance than Ethereum over the first nine months of 2026. According to the company's chairman Tom Lee, the stocks fell by 3%, while Ethereum (ETH) experienced a decline of 10%, leaving a difference of 731 basis points. In his weekly update on October 5, Lee noted that the difference is significant, considering it occurred in a bullish market. “We achieved this through many actions, including executing the largest stock buyback in crypto history, acquiring 21 million shares just in 2026,”– Lee stated.
Additionally, BitMine continues to acquire Ethereum, adding 15,112 ETH in the week leading up to October 4, increasing its holdings to 6.02 million tokens, or 4.9% of the total supply. Despite this, the ETH on BitMine's balance sheet is still valued below the company's losses, which, according to Artemis on October 6, amount to $3.6 billion–, the largest amount compared to the company's other assets. At the time of writing, ETH was trading at $2,703.67, down 1.07% over the past 24 hours. This price is approximately 45% lower than its peak of $4,946.05 reached on August 24, 2025. Citi's annual target for Ethereum is $3,028, implying a 12% increase from current levels. However, to reach the company's average cost level of $3,300 per ETH, the price must rise by about 22%, which will keep the stocks under pressure according to Citi's forecasts.
In the third quarter, BitMine increased its value by 99%, while Ethereum grew by 71%. In the fourth quarter, it will be tested whether the company can maintain its advantage and whether Lee's bullish forecast will become a reality. It is also noted that BitMine is short of nearly 88,600 ETH to achieve its goal of 5% of the total supply. Continuing regular purchases after this mark will determine how much support the company can provide to Ethereum.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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