Peter Thiel’s venture capital firm Founders Fund has secured a 9.1% ownership stake in cryptocurrency miner BitMine Immersion Technologies through the purchase of 5,094,000 shares. This strategic investment amplifies BitMine’s institutional standing and substantially increases its Ethereum treasury.
Following the announcement, BitMine’s stock price surged over 12% in after-hours trading, reaching $44.97 per share. The company’s Ethereum holdings have now exceeded 163,000 ETH, valued at more than $500 million. This represents a doubling of assets from BitMine’s initial $250 million private placement.
The acquisition comes amid expanding institutional interest in Ethereum, with entities like SharpLink and BTCS reportedly growing their own Ethereum reserves. Concurrently, Ethereum demonstrated positive market momentum with its price settling near $3,143, marking a 24-hour increase of 6% amid broader altcoin market gains.
Founders Fund’s move signals heightened confidence in both BitMine’s operations and Ethereum’s ecosystem, reinforcing institutional adoption trends within the digital asset space.