Billionaire Peter Thiel Indirectly Enters Ethereum, Discloses Holding Stake in BMNR

BlockBeats News, July 16th, Billionaire and top Silicon Valley investor Peter Thiel's Founder Fund Growth II Management revealed in SEC filings submitted late Tuesday that as of July 8th, it held a 9.1% stake in BitMine Immersion Technologies.

BitMine recently announced a shift to an Ethereum reserve strategy, triggering a buying frenzy for the stock. BitMine completed a $250 million initial private placement last week, planning to accumulate the native cryptocurrency of the Ethereum blockchain, ETH. The company announced on Monday that it currently holds a total of 163,142 ETH.

Prior to announcing the Ethereum reserve strategy, BitMine had a market capitalization of only $25.86 million, with the stock price down about 45% year-to-date. According to Benzinga Pro data, as of Tuesday's close, BitMine's market capitalization has risen to approximately $2.12 billion.