16-7-2025 – Peter Thiel and his Founders Fund have acquired a 9.1% stake in BitMine Immersion Technologies, according to a Schedule 13G filing with the Securities and Exchange Commission on Tuesday. Shares of the ether treasury company surged 22% following the disclosure, signaling strong market approval for the billionaire’s latest crypto investment.

Entities belonging to Founders Fund and managed by Thiel acquired around 5 million shares in BitMine earlier, marking a significant bet on Ethereum’s institutional adoption. The investment comes after BitMine, previously a Bitcoin mining operation, pivoted to focus on Ethereum treasury strategy in late June. The company completed a $250 million private placement and appointed Fundstrat founder Tom Lee as Chairman of the Board to lead the transformation.

BitMine now holds approximately $500 million worth of Ethereum, positioning itself as one of the largest publicly traded ETH holders. The company’s strategy mirrors MicroStrategy’s Bitcoin accumulation model, aiming to use Ethereum as its primary treasury reserve asset. Lee’s appointment and the substantial funding round have transformed BitMine from a traditional mining operation into what industry observers describe as the “MicroStrategy of Ethereum.”