Ethereum Tops Q3 Macro Asset Returns, Surpassing S&P 500 by 5430bp

Ethereum recorded the highest performance among major macro assets in the third quarter. Bitmine reported on August 31 that Ethereum exceeded the S&P 500 by 5430 basis points since June 30, making it the top-performing macro asset for Q3. Tom Lee, chairman of Bitmine, noted that Ethereum outperformed the S&P 500 in the last month of Q3, establishing it as the best-performing macro asset. He explained that cryptocurrencies have significantly outpaced other macro assets this quarter, creating an environment for institutions to increase their cryptocurrency holdings. Lee forecasted positive catalysts in the last few months of 2026, citing the upcoming vote on the Clarity Act scheduled for mid-September and the repurchase of cryptocurrencies by Korean investors along with the exit from AI stocks as key factors. Over the past week, Bitmine has added 53,501 ETH to its holdings, continuing a streak of 65 weeks of ETH purchases since launching its Ethereum treasury strategy on June 30, 2025. As of August 30, Bitmine's ETH holdings amounted to 5,901,112, representing 4.9% of the total ETH supply, achieving 98% of its target in 15 months. Bitmine's total assets, including cryptocurrencies, cash, and marketable securities, reach $15.6 billion, making it known as the world's largest Ethereum treasury.

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