Peter Thiel-backed entities acquire 9.1% stake in Ethereum treasury firm BitMine Immersion

Peter Thiel-linked entities have acquired a 9.1% stake in Ethereum treasury company Bitmine Immersion, according to a filing.

Funds and entities affiliated with the billionaire investor now own more than 5 million shares in the company, according to a 13G form filed with the U.S. Securities and Exchange Commission on Tuesday.

On Monday, the NYSE-listed BitMine Immersion said it holds nearly $500 million worth of ETH. The company recently pivoted from operating primarily as a Bitcoin miner to an Ethereum treasury company, mirroring the business model pioneered by Michael Saylor's Strategy.

The number of companies pursuing a strategy of acquiring large quantities of crypto, whether that be Bitcoin, Ethereum, Solana or XRP, has been accelerating at an unprecedented pace as the digital assets market as a whole enjoys a bullish cycle. Fundstrat’s Tom Lee has helped oversee Bitmine Immersion's pivot as acting chairman.

BitMine adopted its crypto treasury strategy in June, pledging to stockpile ETH. The firm's stock then jumped 400% as management said the strategy would enhance shareholder value while supporting Ethereum’s decentralization by removing supply from circulation.

Other major Ethereum treasury companies include SharpLink Gaming and Bit Digital.

Thiel and crypto

From Thiel's perspective, both he and his Founders Fund have long been investors in crypto, in one way or another, either investing in blockchain-focused companies or by buying Bitcoin and Ethereum directly. Last month, Bullish, a Thiel-backed crypto exchange, confidentially filed for an initial public offering in the U.S.

In pre-market trading, Bitmine Immersion's shares, ticker symbol BMNR, appeared to be reacting positively to the news of Thiel's purchase, rising by about 27% as of 5:16 a.m. ET, according to Yahoo Finance.

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