BitMine Immersion Technologies saw a significant rise in its shares amid news that Peter Thiel, a well-known venture capitalist, has acquired a stake in the firm.
Thiel's Acquisition
Peter Thiel, co-founder of PayPal, purchased 5.09 million shares of BitMine through various investment arms, amounting to a 9.1% stake in the company. This information was disclosed in a regulatory filing.
Market Reaction
Shares of BitMine (BMNR) ended Tuesday's trading session down 2.5%, but soared 12.5% after-hours to $44.97. At one point after the bell, the stock reached $48.5, up 21% from the end of the regular trading session.
BitMine's Ethereum Strategy
BitMine announced that it now holds over half a billion dollars in Ethereum (ETH), which forms the basis of their strategy to enhance the significance of Ether assets in the company. Currently, the firm has over 163,000 ETH in reserve, acquired at an average price of $3,072 per token.
Recent events highlight the growing interest in cryptocurrency investments from influential figures and demonstrate how they can impact stock markets and the strategies of blockchain-oriented companies.
