BitMine Immersion Technologies reported a 3% decline in its stock price during the first nine months of 2026. Despite this, the company outperformed Ethereum, which saw a 10% drop over the same period. Chairman Tom Lee attributed this performance to several strategic moves, specifically highlighting the repurchase of 21 million company shares throughout 2026.
The firm continues to accumulate Ethereum, adding 15,112 ETH in the week ending October 4. This brought its total holdings to approximately 6.02 million tokens, representing 4.9% of the total supply. BitMine remains short of its stated goal to control 5% of the total supply by about 88,600 ETH.
Despite the stock performance, BitMine faces significant unrealized losses on its Ethereum holdings. Data from October 6 indicates an unrealized loss of $3.6 billion, with an average acquisition cost estimated near $3,300 per token. Ethereum would need to rise approximately 22% for the company to break even on its current stack.
Market data shows that other digital asset treasury firms have also outperformed their respective tokens this year. For instance, Strategy gained 0.8% while Bitcoin fell, and Forward Industries rose 18% as Solana declined. Meanwhile, Ethereum is currently trading at $2,703.67, which is roughly 45% below its August 2025 peak.
