Peter Thiel Bets Big on Ethereum, Buys Stake in Treasury Firm Chaired by Fundstrat's Tom Lee
Peter Thiel's Founders Fund acquired a 9.1% stake in BitMine Immersion Technologies, purchasing 5,094,000 shares as disclosed in a Schedule 13G filing. This follows a June investment announcement, with other participants including Pantera Capital, Galaxy Digital, and Kraken. BitMine raised over $55 million by selling shares at $4.50 each to expand its Ethereum reserves. Tom Lee, co-founder of Fundstrat, was appointed Chairman of the Board. BitMine's stock has experienced significant volatility, with prices ranging from $4.26 to $135. Recently, the stock surged to $59 before closing at $41.02. Interest in Ethereum treasuries is increasing, although Bitcoin remains more widely adopted. Ryan Chow noted Ethereum's complexity as both appealing and challenging for corporate adoption, emphasizing its potential as a key asset in on-chain finance. Both SharpLink Gaming and Founders Fund have historical ties to Ethereum's development.
