Bitmine Immersion Technologies' shares surged 15% following the announcement of Peter Thiel acquiring a 9.1% stake. This makes him the largest shareholder of the company with a $2 billion market value.
Thiel's Stake in the Company
Peter Thiel’s stake of 9.1% makes him the largest investor in Bitmine based on the latest available data.
Market Response and Crypto Holdings
The stock surge came amid rising Bitcoin and Ethereum prices, each hitting record and six-month highs respectively. Bitmine holds 154 Bitcoins and 163,142 Ethers, with a combined value of about $535.5 million, according to regulatory filings.
Strategic Expansion and Leadership
In June, Bitmine announced a $250 million private placement to launch an Ethereum treasury strategy, indicating the company's intention to diversify its cryptocurrency holdings.
Thiel’s investment in Bitmine underscores the growing interest from institutional investors in cryptocurrencies, indicating a broader acceptance of digital assets as legitimate treasury assets.
