Shares of BitMine Immersion Technologies surged after-hours following disclosure that billionaire Peter Thiel has acquired a 9.1% ownership stake in the company, signaling a bold endorsement of the crypto miner’s Ethereum-centric strategy.
The move highlights a growing trend among forward-looking firms adopting Ethereum as a long-term treasury asset in place of traditional cash reserves or Bitcoin.
A bold bet on crypto’s future
Thiel, via various arms of his Founders Fund, purchased more than 5 million shares, according to a Tuesday regulatory filing. The stake immediately bumped BitMine’s shares upward by 12.5% in post-market trading.
At one point in the after-hours session, BitMine stock surged over 21% before stabilizing at $44.97, up from its regular close at $39.98. The price reflects enormous investor interest triggered by Thiel’s strategic entry.
Did you know?
BitMine’s Ether holdings would rank it among the top 10 non-exchange ETH wallets globally, comparable in size to major DeFi liquidity protocols.
BitMine’s Ethereum strategy gains traction
In a recent announcement, BitMine revealed it now holds over 163,000 Ether in its treasury, valued above $510 million at ETH’s current price near $3,153. The ether was acquired at an average of $3,072 during a $250 million private placement concluded on July 9.
The aggressive build-up of Ethereum reserves positions BitMine as one of the most ETH-heavy non-exchange corporate treasuries globally. This move echoes earlier Bitcoin treasury strategies but with a well-timed Ethereum pivot.
From PayPal to Polymarket: Thiel’s expanding crypto footprint
Thiel, a legendary tech investor and co-founder of PayPal and Palantir, has expanded his crypto footprint in 2025. Earlier this year, he led Founders Fund’s $200 million funding round in decentralized prediction platform Polymarket.
He’s also exploring the launch of Erebor, a startup financial institution seeking to fill the post-SVB void for crypto-native financial services, along with backing Bullish, a digital asset exchange reportedly preparing for an IPO.
BitMine stock: 400% up since May debut
Since debuting on the US market in May 2025 at just $8 per share, BitMine (BMNR) has skyrocketed more than 400%, buoyed by investor confidence and institutional crypto tailwinds.
Its latest earnings showed 67.5% YoY revenue growth and a sizable 43% increase in net profits, solidifying its foundational position even before Thiel’s investment.
Ethereum’s new corporate role?
While companies like MicroStrategy famously hoarded Bitcoin, few have publicly opted for Ethereum as a treasury reserve until now. BitMine’s $500+ million ETH bet, now endorsed by Thiel, could change that.
“Ethereum offers greater utility and programmable financial ecosystems,” said one blockchain analyst. “As ERC-20 assets and staking gains become more valuable, ETH makes more functional sense for long-term balance sheet exposure.”
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Institutional DeFi and the future of reserves
With Ethereum moving toward mainstream financial integration thanks to new ETF approvals, institutional staking infrastructure, and scalability upgrades, its utility as more than a speculative asset is catching wider attention.
BitMine’s treasury move is being viewed not just as an investment, but as a statement on Ethereum’s role as programmable collateral and an institutional-grade asset.
The market reacts to Thiel’s confidence
Peter Thiel’s involvement acts as an accelerant. Known for early-bird bets on tech’s most disruptive trends, his 9% stake delivers credibility and, potentially, a stamp of inevitability to BitMine’s ETH-centric model.
Investors and analysts alike are now asking, which company will be the next to follow suit?
BitMine's strategy could signal a broader shift, where Ethereum no longer lags behind Bitcoin in treasury discussions, particularly among innovation-driven firms.
Expect traditional financial institutions and tech-forward companies to watch BitMine closely because what began as a stock surge might become a financial strategy blueprint for crypto’s next chapter.
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