Billionaire Peter Thiel continues his foray into cryptocurrencies by investing $250 million in BitMine Immersion Technologies. This event highlights the growing interest in Ethereum.
Peter Thiel's Investment in BitMine
According to an SEC filing, Thiel's investment through his Founders Fund represents a 9.1% stake in BitMine, which focuses on crypto mining and managing Ethereum assets. The deal was finalized on July 9, following an announcement of investment in BitMine at the end of June.
Participation of Other Investors in the Deal
The deal also saw involvement from major cryptocurrency players like Pantera Capital, Galaxy Digital, and Kraken. A total of over 55 million shares were sold at $4.50 each, enabling BitMine to increase its Ethereum investments.
BitMine as an Ethereum Holder
Once focused on Bitcoin mining, BitMine is now actively purchasing Ethereum, increasing its holdings to 163,000 ETH, which are valued at over $515.8 million. This strategy has positioned the company as one of the largest institutional holders of ETH in the market.
Peter Thiel's investments in BitMine emphasize the growing interest in Ethereum and shifts in corporate strategies within the crypto market. As BitMine expands its ETH investments, it demonstrates significant potential in this segment.
