PayPal Co-Founder Peter Thiel Snags Huge Stake in Ethereum-Heavy BitMine!

Thiel Joins Crypto Treasury Game with Over 5 Million Shares in BMNR

Holy smokes, folks! PayPal's very own Peter Thiel just grabbed a juicy 9.1% slice of BitMine Immersion Technologies, a hotshot crypto miner run by Fundstrat's Tom Lee. That's right, this bigwig has his hands on over 5 million BMNR stocks, as per a fresh SEC filing. And guess what? Thiel's not just holding these shares; he's got both the voting and dispositive power, making him a major player in this game.

But here's the kicker—despite Thiel's big move, BitMine's stock took a tiny dip of 2.58% on July 16. Don't cry over it though; zoom out and you'll see these stocks have rocketed nearly 400% this year! Talk about a rollercoaster!

BitMine's all about that Ethereum life, boasting over 163,142 ETH in their treasury. At $3,072.67 a pop, we're talking a cool half a billion dollars here. And with ETH breaking past $3,000 and hitting a fresh $3,169 peak, up 6.33% in just 24 hours, it's clear why BitMine's betting big on it.

Just days before Thiel's move, BitMine raked in $250 million from a private placement, and bam! They've already doubled that haul. They're not slowing down either, reinvesting every penny to beef up their ETH stash per share. It's a bold strategy, but it's paying off big time.

Now, BitMine wasn't always all about ETH. They started with a Bitcoin play, snagging 100 BTC on June 9, then another 154 BTC on June 17, all funded by a shares offering. But on June 30, they flipped the script, pivoting to Ethereum with a massive $250 million private placement. That same day, Tom Lee stepped up as the new chairman, steering the ship towards this new horizon.

"Since closing that $250 million deal, we've blown past $500 million in Ethereum holdings," Lee declared. "This just proves our commitment to ramping up our stake in the Ethereum network!"

And get this—after announcing plans to load up on more ETH, BitMine's stock exploded over 3,000%! That's not just growth; that's a crypto supernova!