Ethereum Gets A Billionaire Boost As Peter Thiel Backs Treasury Bet

Peter Thiel's Founders Fund has acquired a 9.1% stake in BitMine Immersion Technologies, an Ethereum treasury company, representing 5,094,000 shares. This is Thiel's first significant investment in a publicly traded Ethereum treasury vehicle. The purchase caused BitMine shares to increase by over 12% in after-hours trading, adding about $280 million to the company's market capitalization. BitMine has been rapidly accumulating Ethereum, holding approximately 163,142 ETH, worth roughly $500 million, as of July 14. The company plans to use a $250 million private placement entirely for Ethereum purchases. BitMine is being positioned as an Ethereum analogue to MicroStrategy, holding a large amount of ETH on its balance sheet. Other companies, including BitDigital and SharpLink, have also seen stock increases after announcing similar Ethereum treasury plans. Currently, ETH is trading at $3,137.