BitMine Immersion Technologies (BMNR) Stock: Peter Thiel Invests in Major Ethereum Treasury Play

TLDR

Table of Contents

Peter Thiel acquired a 9.1% stake in BitMine Immersion Technologies through his Founders Fund, purchasing 5.09 million shares
BitMine holds over 163,000 ETH worth nearly $500 million, making it the second-largest public Ethereum holder
The company’s stock surged 15.47% following disclosure of Thiel’s investment
BitMine raised $250 million in June through a private placement to fund its Ethereum treasury strategy
The investment validates BitMine’s pivot from traditional mining to Ethereum accumulation under chairman Tom Lee

PayPal co-founder Peter Thiel has made a major bet on Ethereum through his investment in BitMine Immersion Technologies. The billionaire acquired a 9.1% stake in the company through his Founders Fund.

$BMNR PETER THIEL BUYS 9% STAKE
Recently filed for a 9.1% position in @fundstrat backed BitMine Technologies.
The stock jumped up 14.5% AH. pic.twitter.com/902OszACEP
— Samsolid (@samsolid57) July 15, 2025

SEC filings revealed that Thiel-linked entities purchased 5.09 million shares in BitMine. The investment was made through Founders Fund Growth II Management as a passive investment.

BitMine’s stock jumped 15.47% following news of Thiel’s investment. The company’s market cap reached nearly $2.12 billion after the disclosure.

The Nevada-based company has become the second-largest public holder of Ethereum. BitMine now holds over 163,000 ETH worth approximately $500 million.

This represents double the company’s initial $250 million commitment when it pivoted to become an Ethereum treasury firm. The accumulation strategy began in late June under new leadership.

BitMine appointed Fundstrat co-founder Tom Lee as Chairman of the Board during the transition. Lee also serves as Chief Investment Officer at Fundstrat Global Advisors.

The company raised $250 million through a private placement in June. The fundraising round included participation from Pantera Capital, Galaxy Digital, and Kraken.

Ethereum Treasury Competition Heats Up

BitMine trails only SharpLink Gaming in public Ethereum holdings. SharpLink Gaming holds approximately 300,000 ETH and announced a $225 million Ethereum acquisition earlier this month.

The race for Ethereum treasury positions has intensified over recent weeks. SharpLink Gaming overtook the Ethereum Foundation as the largest ETH holder among public entities.

Both companies leading the Ethereum treasury trend have connections to the cryptocurrency. Joe Lubin, who chairs SharpLink’s board, is an Ethereum co-founder.

Peter Thiel also has historical ties to Ethereum development. In 2014, the Thiel Foundation awarded Ethereum co-founder Vitalik Buterin a $100,000 grant to develop the project full-time.

The private placement involved selling over 55 million shares at $4.50 each. Proceeds were designated specifically for expanding the company’s Ethereum reserves.

Stock Performance Shows Extreme Volatility

BitMine’s stock has experienced wild swings since announcing its Ethereum strategy. Closing prices have ranged from $4.26 to $135 over recent weeks.

Bitmine Immersion Technologies, Inc. (BMNR)

The company entered the public market at just $8 per share in May. Since then, the stock has surged nearly 400%.

On Monday, BMNR stock peaked at $59, representing a 45% surge from Friday’s closing price of $40.62. However, by market close, the stock had fallen to $41.02.

BitMine’s extreme volatility reflects the market’s uncertainty about crypto-focused treasury strategies. The company is following a similar playbook to MicroStrategy’s Bitcoin accumulation model.

Ethereum’s price rose 5.63% following the BitMine developments, climbing past $3,144. ETH futures open interest increased 7% to over $46 billion.

The investment positions BitMine to benefit from Ethereum’s staking rewards and DeFi opportunities. Unlike Bitcoin, Ethereum offers yield generation through various on-chain mechanisms.

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