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**Peter Thiel Invests in $500M Ethereum Treasury Company BitMine**
Noted entrepreneur and investor Peter Thiel has made a significant investment in BitMine Immersion Technologies, purchasing 5,094,000 shares of the company. The acquisition represents an approximately 9.1% stake in BitMine, which has amassed a substantial treasury of Ethereum worth nearly $500 million.
As reported by Trader Edge, Thiel’s purchase is considered a testament to his faith in BitMine’s strategic decision to shift its focus towards accumulating and holding large quantities of Ethereum. The company has successfully doubled its initial commitment of $250 million to over $500 million, solidifying its position as the second-largest public holder of Ether (ETH) behind SharpLink Gaming.
BitMine’s impressive progress has been marked by extreme market volatility, with closing prices ranging from a low of $4.26 to a high of $135 in recent weeks. Following news of Thiel’s investment, BMNR stock skyrocketed 12.5% in after-hours trading before settling at $41.02.
CoinCentral – Finance News
Source: coincentral.com
