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Peter Thiel Invests 9% in Bitmine, Boosting Ethereum Treasury Plans
Renowned venture capitalist and co-founder of PayPal, Peter Thiel, has made a significant investment in Bitmine Immersion Technologies. According to the latest reports, Thiel has acquired a 9% stake in the Nevada-based firm. This move is perceived as an endorsement of its plans to expand its Ethereum treasury strategy.
The acquisition represents approximately 5,094,000 shares in Bitmine Immersion Technologies, further solidifying the company’s commitment to becoming a key player in the Ethereum ecosystem. As a result, Bitmine’s stock has surged by 12.54% in after-hours trading on Monday, as investors reacted positively to Thiel’s support.
In recent news, Bitmine announced its plans to accumulate and hold a substantial amount of Ethereum, now totaling nearly 163,000 ETH. This aggressive strategy mirrors that of other institutional players like MicroStrategy, which holds an impressive portfolio of Bitcoin. However, it is the first such large-scale accumulation by any company, marking a significant shift in market dynamics.
This recent surge in Ethereum accumulation from institutions has sparked a wave of bullish sentiment in the cryptocurrency, with its price rising by 5.63% to over $3,144. Additionally, Ethereum futures have seen a record-breaking open interest at $46 billion, highlighting strong institutional interest.
Thiel’s investment and endorsement of Bitmine further boosts confidence in the company’s ambitions, potentially luring more institutional investors towards the platform. As Ethereum continues to play a crucial role within the crypto landscape, companies like Bitmine are positioning themselves to capitalize on its growing demand.
Source: coincentral.com
