Thiels Founders Fund Takes 9.1% Stake in Ethereum Treasury Firm BitMine

Peter Thiel's Founders Fund has acquired a 9.1% passive stake in BitMine Immersion Technologies, a company listed on Nasdaq under the ticker BMNR. This represents 5,094,000 common shares. BitMine, led by Tom Lee, has transitioned from Bitcoin mining to building a corporate Ethereum treasury and currently holds over $500 million in Ether. This shift was partially funded by a June private placement where over 55 million shares were sold at $4.50 each to increase its crypto reserves.