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Peter Thiel Supports Ethereum Through BitMine Investment
Peter Thiel – In a surprising move that’s shaking up the crypto mining world, Peter Thiel and his Founders Fund have quietly secured a 9.1% stake in BitMine Immersion Technologies, according to a recent Schedule 13G filing with the SEC. This revelation confirms Founders Fund’s investment announced back in June, revealing their purchase of over 5 million shares through multiple affiliated entities.
BitMine’s High-Profile Investment Round
The private placement in June saw BitMine selling more than 55 million shares at $4.50 each, with the primary goal of bolstering its Ethereum reserves. Alongside Founders Fund, big names like Pantera Capital, Galaxy Digital, and Kraken also participated, signaling growing institutional interest in Ethereum treasury strategies.
In tandem with this funding, BitMine appointed Tom Lee, the well-known co-founder of Fundstrat, as Chairman of the Board. Lee, who also serves as Fundstrat’s CIO, has steered the company through a turbulent market phase marked by wild stock swings. BitMine’s shares (ticker BMNR) have fluctuated dramatically, ranging from a low of $4.26 to a peak of $135 since launching its Ethereum treasury strategy.
Ethereum Treasuries: The New Frontier
While Bitcoin remains king in corporate treasuries, Ethereum is quickly catching up. Companies like SharpLink Gaming recently announced Ethereum acquisitions totaling $225 million, highlighting rising interest in the digital asset.
Experts like Ryan Chow, CEO of BTCFi protocol, explain Ethereum’s allure: it’s not just a “store of value” like Bitcoin but a “digital oil”—a versatile asset powering staking, gas fees, collateral, and settlement in on-chain finance. However, Ethereum’s complexity also means it’s harder to evaluate, a challenge institutional investors are learning to navigate.
Ethereum’s Growing Institutional Footprint
Ethereum’s rise as a core institutional asset is underscored by its influential supporters. Notably, Joe Lubin, Ethereum co-founder, chairs SharpLink’s board, while Peter Thiel’s Foundation funded Ethereum co-founder Vitalik Buterin with a $100,000 grant in 2014 to help launch the project full-time.
With momentum building, industry insiders believe that the next wave of digital asset adoption will favor assets “used to do things, not just hold things”—putting Ethereum at the heart of the evolving crypto ecosystem. As BitMine and its new backers push forward, the spotlight on Ethereum treasuries shines brighter than ever.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
