Tom Lee: The crypto market has entered a bull market cycle, with BMNR outperforming ETH in the first nine months of this year.

On October 5, according to PRNewswire, Tom Lee, Chairman of Bitmine, an Ethereum treasury company, stated that as the crypto market enters what he considers a bull cycle, the relative performance of Bitmine's (BMNR) stock compared to Ethereum (ETH) during the 2025-2026 bear market is noteworthy. In the first nine months of 2026, ETH's price declined by 10%, while BMNR fell only 3%, achieving a relative outperformance of approximately 731 basis points (7.31 percentage points). BMNR's stock performance reflects the company's ongoing commitment to optimizing shareholder returns, which includes executing the cryptocurrency industry's largest corporate treasury stock buyback program, repurchasing 21 million shares in 2026 alone.

Additionally, Tom Lee noted that since the third quarter of 2026, ETH has outperformed the S&P 500 index by 6,832 basis points. Amid macro headwinds such as a hawkish Federal Reserve stance, rising oil prices, climbing global bond yields, and tightening financial conditions, ETH has continued to demonstrate strong performance, leading other major macro assets.