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Entities associated with Peter Thiel acquired a 9.1% stake in BitMine Immersion
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BitMine holds nearly $500M in ETH and recently pivoted from BTC mining
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The firm’s shares jumped 27% in pre-market trading
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Joins growing list of corporate Ethereum treasury firms
Backing Ethereum as a Corporate Asset
Peter Thiel-affiliated funds have purchased more than 5 million shares in BitMine Immersion, giving them a 9.1% ownership stake in the Ethereum-focused treasury company. The move was revealed in a 13G filing with the U.S. Securities and Exchange Commission.
BitMine, which trades on the NYSE under BMNR, recently transitioned from being a traditional Bitcoin mining company to a corporate vehicle for Ethereum accumulation. As of this week, the company holds nearly $500 million in ETH, part of a broader strategy to treat Ethereum as a strategic balance sheet asset.
Ethereum Treasury Strategy Gains Momentum
BitMine’s shift mirrors the strategy popularized by MicroStrategy, with firms now turning to Ethereum instead of Bitcoin. According to management, the pivot aims to remove ETH from circulation via long-term holding and staking, while creating value for shareholders.
Other large ETH treasury players now include SharpLink Gaming and Bit Digital. With BitMine’s stock up 400% since the pivot, the entry of a high-profile investor like Thiel could validate Ethereum's role as a corporate treasury standard.
