Peter Thiel Buys 9.1% Stake in BitMine After $500M Ethereum Acquisition
Big news in the crypto market as billionaire Peter Thiel, co-founder of PayPal, takes a 9.1% stake in BitMine Immersion Technologies...
Quick overview
- Billionaire Peter Thiel has acquired a 9.1% stake in BitMine Immersion Technologies, signaling strong confidence in the company's transformation.
- BitMine has rebranded from a mining company to an Ethereum Treasury firm, recently raising $250 million to purchase over 163,000 ETH.
- The company's stock surged 760% in one month, reflecting growing institutional interest in Ethereum as a treasury-grade asset.
- Thiel's investment may encourage further institutional participation in digital assets, reshaping corporate treasury strategies.
Big news in the crypto market as billionaire Peter Thiel, co-founder of PayPal, takes a 9.1% stake in BitMine Immersion Technologies (NYSE: BMNR). According to an SEC filing, Thiel now owns 5,094,000 common shares through affiliated investment vehicles.
Thiel’s vote of confidence comes as BitMine is going through a major transformation. Formerly a mining company under Tom Lee, BitMine has rebranded as an Ethereum Treasury firm, which aligns with Thiel’s long held views on disruption.
The company just closed a $250 million fundraise and deployed the capital to buy over 163,000 ETH, worth around $500 million. BMNR shares spiked 12.54% in after hours trading to $45 and up 760% in one month.
Ethereum Treasuries Get Institutional Support
BitMine’s aggressive ETH accumulation puts it among the largest public Ethereum holders, along with SharpLink Gaming (NASDAQ: SBET) which holds nearly 300,000 ETH. This institutional pivot mirrors MicroStrategy’s Bitcoin strategy, it seems Ethereum is becoming the next big institutional asset.
Key points of BitMine’s strategic shift:
- $500 million in ETH bought in weeks
- ETH stash now over 163,000 coins
- Outpaced Ethereum Foundation in asset holdings
- BMNR stock up 760% in one month
As the Ethereum ecosystem prepares for upgrades and broader adoption, companies like BitMine are positioning themselves for long term value creation. Analysts see this as a sign that Ethereum is no longer just a developer’s token – it’s becoming a treasury grade asset.
ETH Price, Futures Soar with Bullish Sentiment
With the news of Thiel’s investment and BitMine’s ETH disclosure, ETH price rose 5.63% to $3,144. ETH futures open interest surged 7% to $46 billion, indicating strong institutional and retail buying.
This surge in spot and derivatives markets shows increasing confidence in Ethereum’s mid to long term prospects. Investors are treating ETH not just as a speculative asset but as a core holding in their portfolios.
As BitMine continues to bet on Ethereum, Thiel’s involvement will add credibility and may encourage more institutional participation – potentially redefining how corporate treasuries interact with digital assets.
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