Peter Thiel’s fund reveals 9.1% stake in BitMine, shares explode higher
Peter Thiel’s Founders Fund bought a 9.1% stake in BitMine Immersion Technologies, according to SEC filings, a major vote of confidence in the crypto mining and (newly launched) ethereum treasury company from the billionaire cofounder of PayPal and Palantir.
Shares are soaring 17% in premarket trading on the news, bringing year-to-date gains to the cusp of 500%.
Earlier this week, BitMine announced that its ethereum holdings exceeded $500 million, totaling 163,142 ethereum, following the closing of its $250 million private placement.
“We are pleased that we added significantly to our ETH treasury just 3 days after closing our private placement,” Jonathan Bates, BitMine Immersion Technologies CEO, said in the press release. “Clearly, Wall Street is getting ‘ETH-pilled.’”
On June 30, BitMine announced the launch of its ethereum treasury and named Tom Lee, founder of Fundstrat and CIO of Fundstrat Capital, chairman of the board of directors, propelling the stock up 400%.
Ethereum has also been on a roll, outpacing Bitcoin in the past 24 hours.
“Seeing ethereum breaking out above $3,100 during a bitcoin rally isn’t just market noise — we are finally seeing the cyclical shift in bitcoin dominance that signals the start of ETH’s outperformance. And the most promising part is that this growth is, maybe for the first time, not fueled by hype, but by tangible institutional behavior,” Kevin Rusher, founder of real-world asset borrowing and lending ecosystem RAAC, told Sherwood News.
