Peter Thiel Discloses 9.1% Stake in Bitmine Immersion Technologies Led by Thomas Lee

What You Need to Know:

An SEC filing has disclosed that Peter Thiel, a noted tech investor, acquired a 9.1% share in Bitmine Immersion Technologies.
This firm is part of a rising trend of public companies adopting ETH-based treasury strategies.
Under the guidance of Thomas Lee from Fundstrat, Bitmine has collected over 163,000 ETH, which is valued at more than $500 million.

Market Response

Bitmine Immersion Technologies (BMNR), the firm that specializes in ether treasury strategies, saw a significant rise in its stock price on Wednesday following news of Thiel’s investment.

The SEC filing indicated that Thiel made this purchase through various investment funds. BMNR shares surged by 25%, with the stock selling around $48, compared to just $4 prior to the previous month’s pivot to ETH.

The growing trend of corporate acquisition of ETH is clearly benefiting the currency, as it has increased by 9% today and 23% over the past week, while Bitcoin only edged up by 9.6% in the same timeframe.

Other companies focusing on ETH treasury strategies also experienced gains, with Sharplink Gaming’s shares increasing by 17% and BTCS rising by 25% after being listed on the Russell Microcap index.