BitMine Stock Rockets Nearly 20% After Peter Thiel Reveals Stake

BitMine Immersion Technologies Inc. (BMNR) shares ripped nearly 20% in Wednesday morning trade after Palantir Technologies Inc. (PLTR) co-founder Peter Thiel revealed he has picked up a stake in the company.

In a filing with the U.S. Securities and Exchange Commission (SEC), Thiel’s Founder’s Fund disclosed that it acquired over five million shares of BitMine earlier this month, representing a 9.1% stake in the crypto mining firm.

This was a part of a transaction led by MOZAYYX, which acquired a 9.99% stake in BitMine.

BitMine’s shares have surged 475% since listing earlier this year. Stocktwits data shows the retail sentiment around the stock was in the ‘neutral’ territory at the time of writing.

This comes after BitMine, a Bitcoin miner, revealed that it has pivoted to pursue an Ethereum treasury strategy.

The company, which has Fundstrat co-founder Thomas Lee as its chairman, announced earlier this week that it accumulated more than $500 million in Ethereum as part of its treasury strategy.

On Monday, BitMine confirmed that its ETH holdings now stand at 163,142, valued at nearly $523 million, based on the current Ethereum price. This marks a doubling of the $250 million initially raised in a private placement conducted on July 9 to fuel its Ethereum-centric treasury approach.

“Among Bitcoin treasury companies, we have witnessed the reflexive benefit of acquiring large holdings,” Lee said.

This pivot mirrors the approach adopted by Strategy Inc. (MSTR), formerly known as MicroStrategy. Strategy currently holds 601,550 Bitcoin (BTC), worth $71.4 billion.

Ethereum, which is a part of BitMine’s strategy, is down 4% year-to-date and nearly 7% over the past 12 months. Stocktwits data shows the retail sentiment around the second-largest cryptocurrency was in the ‘extremely bullish’ territory at the time of writing.

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