Peter Thiel’s Founders Fund has acquired a 9.1% stake in BitMine Immersion Technologies, marking a significant vote of confidence in the firm’s Ethereum-focused strategy.
The purchase was disclosed in a Schedule 13G filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
Sponsored
BitMine, a digital asset mining and treasury firm, is building what it claims will be one of the largest corporate Ethereum treasuries. The company has amassed more than 163,000 ETH, worth over $500 million, funded in part by a recent $250 million private placement involving several high-profile crypto investors.
The Thiel-linked acquisition includes 5,094,000 shares spread across multiple investment entities.
The private placement saw over 55 million shares sold at $4.50 apiece, with proceeds directed toward expanding BitMine’s Ethereum holdings. The news sent BitMine’s stock up by 15.47%, pushing its market capitalization to nearly $2.12 billion.
Corporate Ethereum Treasuries Gain Traction
While corporate treasuries holding Bitcoin have become more common in recent years, Ethereum has lagged in similar adoption. That trend may be shifting.
With staking offering yield opportunities and decentralized finance (DeFi) enabling asset productivity, Ethereum is emerging as a more dynamic treasury asset.
BitMine isn’t alone in this pivot. Earlier in July, SharpLink Gaming announced a $225 million Ethereum purchase, positioning itself among the largest corporate ETH holders to date.
ETH Sees Renewed Momentum
Ethereum’s price rose above $3,170 on Tuesday, gaining 6.3% in 24 hours and 21.3% over the past week, reaching levels last seen in February.
Ethereum (ETH) price surpassed the $3,100 mark for the first time since February. Source. CoinMarketCap
Analysts point to the growth of stablecoins and tokenization as key tailwinds. Bank of America highlighted the GENIUS Act and expanding use of stablecoins as major catalysts, with Ethereum serving as the infrastructure backbone for programmable tokens.
Why This Matters
Thiel’s investment in BitMine signals rising institutional interest in Ethereum’s broader financial role, potentially mirroring the precedent set by MicroStrategy’s Bitcoin strategy. As regulatory clarity around stablecoins improves and staking becomes mainstream, Ethereum could see increased adoption on corporate balance sheets.
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People Also Ask:
An Ethereum treasury refers to a reserve of ETH held by a company or institution, often for long-term strategic, financial, or operational purposes.
Firms view ETH as a productive asset thanks to staking yields, DeFi integration, and its foundational role in tokenized finance and smart contracts.
While Bitcoin is often treated as digital gold, Ethereum offers additional utility through staking, smart contracts, and ecosystem participation.
