CleanSpark Jumps 7% as Tom Lee Says BitMine Could Hit Ether Target by Year-End

CleanSpark shares rose 7% to $12.72 on Tuesday, while BitMine Immersion Technologies climbed 4% to $25.21, outpacing a flat Bitcoin market. The divergence highlights how crypto-linked equities carry embedded leverage, allowing mining and treasury names to reprice faster than the underlying assets when the coin tape steadies. Bitcoin traded at $79,377.30, up 0.4% over the past 24 hours, while Ethereum sat at $2,475.16, down 0.5% in the same window.

BitMine’s recent strength is anchored by a specific treasury milestone announced on August 24. The company reported its ether holdings reached 5.85 million tokens, bringing total crypto and cash holdings to $14.9 billion. On the Bankless podcast, Chairman Tom Lee stated that BitMine could reach its target of holding 5% of all ether by the end of the year. Lee noted that the company needs to acquire approximately $350 million worth of ETH to meet that goal. BitMine has purchased ether weekly since June 30, 2025, funding these acquisitions with common stock rather than debt and staking most of the balance to generate roughly $330 million annually in yield.

CleanSpark’s rally follows a period of softness, with shares up 18% year to date through Monday despite recent declines driven by miner margin pressure. The company’s most recent earnings report, filed on August 6, showed revenue of $138.01 million, missing the $141.81 million consensus estimate. The quarter included a GAAP loss of $0.89 per share, largely due to a $116.25 million loss on the fair value of Bitcoin. CEO Matt Schultz framed the results around a pivot toward diversified digital infrastructure, highlighted by a 20-year, $6.6 billion triple-net lease at the Sandersville site with a high investment-grade tenant. CleanSpark controls more than 1.8 GW of power, land, and data centers across the U.S., positioning the firm as a hybrid miner and data-center play.

Broader market context includes Strategy, which holds 846,000 Bitcoin and reported an $8.32 billion unrealized digital-asset loss in its Q2 2026 report. SharpLink holds the next-largest listed ether treasury at 888,938 tokens. Coinbase captured a record 10.3% crypto trading volume market share in Q2 2026.

The near-term test for these equities is whether they can maintain their premium over the coins if Bitcoin drifts lower. Miner earnings remain sensitive to Bitcoin price marks on treasury holdings, while ether treasury names face similar math on ETH prices. A firmer coin tape would validate the current equity move, whereas a softer tape would test the durability of the rally.