Catenaa, Saturday, July 19, 2025-Billionaire investor Peter Thiel has acquired a 9.1% stake in BitMine Immersion Technologies, signaling growing institutional confidence in Ethereum as a strategic asset. The move, disclosed in a recent SEC filing, was made through Founders Fund Growth II Management and involves over 5 million shares in the Nasdaq-listed company.
BitMine, formerly a Bitcoin mining operation, is pivoting into an Ethereum treasury firm under CEO Jonathan Bates and new chairman Tom Lee. The company now holds more than 163,000 ETH, valued at around $500 million, making it one of the largest public Ethereum treasuries.
Thiel’s stake was secured in a private placement that closed on July 9, raising $250 million. The round also drew participation from major crypto investors including Pantera Capital, Galaxy Digital and Kraken. While the SEC filing indicates Thiel’s investment is passive, the move adds significant credibility to BitMine’s Ethereum-focused transformation.
Lee, co-founder of Fundstrat Global Advisors, has long argued that Ethereum is foundational to decentralized finance and smart contracts. He recently described ETH as nearing a “major breakout” driven by real-world utility and widespread staking.
Thiel’s involvement follows his participation in Erebor, a new U.S. bank project aiming to support startups and crypto ventures after Silicon Valley Bank’s collapse. His track record in backing transformative technologies suggests Ethereum’s growing appeal to legacy tech financiers.
