Peter Thiel-Backed BitMine Gobbles Up More Ethereum, Hits $1B in ETH Holdings

Key Points

1. BitMine Immersion, a NYSE-listed company, purchased an additional $500 million in ETH, bringing its total holdings to 300,657 ETH worth over $1 billion.

2. The company's CEO, Jonathan Bates, stated that acquiring $1 billion of ETH demonstrates their conviction in Ethereum's long-term value.

3. BitMine's stock has experienced significant volatility, with an 800% increase over the past month despite a recent 3% drop.

4. The company raised $250 million through a stock sale specifically to purchase ETH, highlighting its strategic focus on cryptocurrency investments.

5. Peter Thiel's Founders Fund acquired a 9.1% stake in BitMine, underscoring notable investor confidence in the company's Ethereum strategy.