Bitmine Immersion Technologies’ shares gained 46.5% in August, rising from about $18 to above $26 as the company expanded its Ethereum treasury, repurchased stock and generated staking income. Bitmine’s holdings rose from more than $11 billion in early August to approximately $14.9 billion by month-end, before reaching $15.6 billion as of Aug. 30, 2026. The later snapshot included 5,901,112 ETH valued at $2,511 each, 211 BTC, $541 million in cash and marketable securities, a $180 million stake in Beast Industries and an $81 million stake in Eightco Holdings. The ETH position represented 4.9% of Ethereum’s 120.7 million tokens, putting the company 98% toward its 5% Alchemy of 5% objective. Bitmine said 5,067,309 ETH, or 86% of its holdings, was staked, while an earlier August update described about 87% as staked and projected annualized staking revenue of $250 million to $330 million. The company had repurchased more than 19 million shares since July 1, 2026, under a buyback program authorized for up to $4 billion. Chairman Tom Lee said the repurchases addressed a persistent discount between the stock price and Bitmine’s net asset value. Bitmine’s shift from Bitcoin mining infrastructure to an Ethereum-focused treasury distinguishes it from Bitcoin treasury pioneer MicroStrategy by emphasizing ETH accumulation, staking yield and Ethereum’s role in decentralized finance. The strategy remains exposed to digital-asset volatility, staking and technology risks, competition, and regulatory uncertainty.