Daniel Walker
Entities tied to billionaire investor Peter Thiel have taken a significant 9.1% ownership stake in Ethereum treasury firm BitMine Immersion, according to a recent SEC filing.
A Form 13G submitted to the U.S. Securities and Exchange Commission on Tuesday reveals that Thiel-affiliated funds now collectively hold over 5 million shares of the company, which recently made headlines for its substantial Ethereum holdings.
BitMine Immersion’s Ethereum Strategy Gains Momentum
On Monday, BitMine Immersion, listed on the New York Stock Exchange under the ticker BMNR, disclosed that it controls nearly $500 million worth of ETH. The firm has recently transitioned from its origins as a Bitcoin mining operation to focus exclusively on building an Ethereum treasury — a strategy reminiscent of Michael Saylor’s Bitcoin-heavy playbook at Strategy.
This pivot has proven popular with investors. Following the announcement in June to accumulate large quantities of Ethereum, BitMine’s stock skyrocketed by 400%, with company executives emphasizing how the move could both maximize shareholder value and promote Ethereum decentralization by locking up ETH in long-term reserves.
A Broader Trend: Crypto on Corporate Balance Sheets
BitMine joins a growing list of companies — including SharpLink Gaming and Bit Digital — that have shifted to a crypto treasury model, reflecting the rising momentum behind institutional accumulation of digital assets like Ethereum, Bitcoin, Solana, and XRP during the current bull market cycle.
Tom Lee of Fundstrat is guiding the firm’s strategic direction as acting chairman, helping to position BitMine as a leader in the Ethereum accumulation trend.
Peter Thiel’s Deepening Crypto Footprint
Peter Thiel has long maintained a presence in the digital asset space through his Founders Fund, which has invested in both crypto startups and direct token holdings. His support for BitMine adds to his growing influence in the blockchain industry.
Just last month, Bullish, a cryptocurrency exchange backed by Thiel, filed confidentially for a U.S. IPO, signaling that Thiel’s crypto ambitions are expanding further into public markets.
Shares Surge on Acquisition News
Following the announcement of Thiel’s stake, BitMine Immersion shares surged by 27% in pre-market trading, based on data from Yahoo Finance at 5:16 a.m. ET. The market reaction signals strong investor confidence in both the firm’s Ethereum strategy and the credibility brought by Thiel’s involvement.
