BitMine Shares Rallied After Peter Thiel Investment.
Shares in BitMine Immersion Technologies increased by 12.5% after Peter Thiel acquired a 9.1% stake, purchasing 5.09 million shares through Founders Fund. Thiel, co-founder of PayPal and Palantir Technologies, has a net worth of $22.7 billion. He and other tech billionaires recently applied for a bank charter to establish Erebor, a financial institution aimed at addressing gaps left by the collapse of Silicon Valley Bank. BitMine's stock closed down 2.5% but surged to $44.97 after hours, reflecting a nearly 400% increase since its debut at $8 on May 8. The firm reported a 67.5% year-on-year revenue increase and a 43.18% rise in net profits for the quarter ending May 2025. BitMine holds over $500 million in Ether (ETH), with more than 163,000 ETH purchased at an average price of $3,072 per token, following a $250 million private placement to enhance its Ether treasury.
