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

According to PRNewswire, Tom Lee, Chairman of Ethereum treasury company Bitmine, stated that as the crypto market enters what he considers a bull market cycle, Bitmine (BMNR)’s stock performance during the 2025–2026 bear market period is noteworthy relative to Ethereum (ETH). In the first nine months of 2026, ETH’s price dropped 10%, while BMNR fell just 3%, resulting in a relative outperformance of approximately 731 basis points (7.31 percentage points). BMNR’s stock performance underscores the company’s ongoing commitment to optimizing shareholder returns, which includes implementing the crypto industry’s largest corporate treasury stock buyback program, with 21 million shares repurchased 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. Despite macroeconomic headwinds such as a hawkish Fed stance, rising oil prices, increasing global bond yields, and tightening financial conditions, ETH has demonstrated resilient performance, leading other major macro assets.