Bitmine Immersion Technologies (NYSE:) has quietly become one of the most interesting crypto-related stocks on the board — not because it mines Bitcoin, but because it no longer does. 

The company made a decisive pivot away from mining and went all-in on .  

Instead of managing expensive hardware and power costs, Bitmine raised capital, accumulated ETH, and shifted its business model toward an Ethereum-first treasury built around holdings and staking yield. 

To understand why that matters, you must understand Ethereum. 

Unlike Bitcoin, which primarily functions as digital money, Ethereum is more like a financial operating system.  

It powers decentralized finance, smart contracts, stablecoins, tokens, and a growing…