BitMine Immersion Technologies' crypto bet is deep underwater. The company held roughly 6.02 million ETH as of the week through October 4 — about 4.9% of Ethereum's total supply — and was sitting on a $3.6 billion unrealized loss as of October 6, the largest on Artemis's treasury chart.
The stock, though, has outperformed the token it hoards. Through the first nine months of 2026, BitMine shares fell 3% while Ethereum dropped 10%, leaving the equity ahead by 731 basis points. BitMine also executed the largest crypto treasury equity buyback on record, repurchasing 21 million shares this year alone, according to chairman Tom Lee.
The numbers behind the hole
Ethereum traded at $2,703.67 at press time, down 1.07% over 24 hours and about 45% below its August 24, 2025 peak of $4,946.05. The Artemis loss figure and the current price imply an average cost near $3,300 per ETH for BitMine. That means Ethereum would need to rise roughly 22% from here for the company's stack to break even.
Citi's 12-month Ethereum target is $3,028, which implies about 12% upside. Even if that target is hit, BitMine stays under water on its Ethereum position.
Why the stock is holding up better than ETH
The outperformance isn't unique to BitMine. Other digital asset treasury companies have also outrun their underlying tokens. Strategy rose 0.8% through September while Bitcoin fell. Forward Industries gained 18% as Solana slipped. SharpLink climbed 3.8% and finished ahead of BitMine.
The pattern suggests equity holders are pricing in something beyond the spot token — access, management, or the option value of a large treasury. It's not a guarantee, and the discount to net asset value can swing fast, but it's held through a rough stretch for ETH.
Still short of the 5% goal
BitMine added 15,112 ETH in the week through October 4, lifting its holdings to about 6.02 million tokens. That's 4.9% of supply. The company is roughly 88,600 ETH short of its stated target of controlling 5% of all Ethereum.
At the current price, closing that gap would cost a bit under $240 million. The company has been buying steadily, but the recent adds are small relative to the hole it's trying to climb out of.
During the third-quarter rally, BitMine gained about 99% while ETH rose 71% — a reminder that when the token moves up, the equity can move harder. The reverse has also been true on the way down, though this year the stock has still managed to stay ahead.
Tom Lee's bull case meets a $3.6B loss
Tom Lee has argued that crypto is entering its biggest bull cycle yet. That call is now on the hook for a $3.6 billion paper loss and a break-even price that's 22% above the current ETH level.
For the thesis to pay off, Ethereum needs to climb back toward $3,300. Citi's $3,028 target gets part of the way there. The next concrete marker is whether BitMine keeps adding to its stack at this pace — and whether ETH can hold above $2,700 while the company closes the 88,600 ETH gap to its 5% goal.
