Billionaire Peter Thiel Indirectly Enters Ethereum, Discloses Holding in BMNR

A SEC filing submitted by Founders Fund Growth II Management, the founder's fund of top Silicon Valley investor Peter Thiel, revealed that it held a 9.1% stake in BitMine Immersion Technologies as of July 8.

BitMine recently announced a shift to an Ethereum reserve strategy, completing an initial private placement of $250.00 million last week, with plans to accumulate $ETH, the native cryptocurrency of the Ethereum blockchain. It currently holds a total of 163,142 ETH.

Prior to announcing the Ethereum reserve strategy, BitMine's market cap was only $25.86 million, with its stock price down about 45% year-to-date. According to data from Benzinga Pro, BitMine's market cap has increased to approximately $2.12 billion as of Tuesday's close.