PayPal co-founder and tech billionaire Peter Thiel is making a bold bet on Ethereum.
According to a recent SEC filing, Thiel has acquired a 9.1% stake in Bitmine Immersion Technologies, a crypto mining company with deep ties to Fundstrat’s Ethereum Treasury strategy. Bitmine is led by none other than Tom Lee co-founder of Fundstrat and now chairman of Bitmine’s board.
Over 5 Million Shares and a Strategic Ethereum Play
As of July 16, Thiel controls more than 5.09 million shares of Bitmine (traded under the ticker BMNR), giving him shared voting and dispositive power. His investment places him among a growing group of institutional players backing companies with large-scale crypto treasury strategies.
Despite the high-profile investment, Bitmine’s stock didn’t react much. On the same day Thiel’s stake was revealed, BMNR dipped 2.58%. However, it’s worth noting that the stock has already exploded nearly 400% year-to-date and more than 3,000% after Bitmine shifted its focus to Ethereum.
From Bitcoin to Ethereum A Treasury Overhaul
Bitmine’s pivot to Ethereum came quickly and decisively. The company started June with a Bitcoin-heavy treasury strategy, purchasing 100 BTC on June 9 and another 154.167 BTC just a week later. But by the end of the month, the narrative had changed.
On June 30, Bitmine announced a $250 million private placement to bolster its Ethereum reserves. That same day, Tom Lee stepped in as chairman bringing Fundstrat’s Ethereum thesis with him. In less than three weeks, Bitmine’s ETH holdings more than doubled, crossing 163,000 ETH (valued at over $500 million as of July 16).
Lee emphasized the firm’s goal: grow ETH-per-share by reinvesting operational cash flows into the asset. “Since closing on the $250 million private placement, we have surpassed $500 million in Ethereum holdings, which validates our mission to increase our stake in the Ethereum network,” Lee said.
ETH Pushes Higher as Bitmine Ramps Up
Ethereum itself is on a tear, following in Bitcoin’s footsteps. As of July 16, ETH had jumped over 6% in a day, breaking past $3,169 after reclaiming the key $3,000 level. Bitmine’s strategy to stockpile ETH has clearly aligned with market momentum—and Thiel’s backing signals further validation from the institutional crowd.
While Bitmine’s stock dipped slightly on the day of Thiel’s reveal, the broader picture suggests strong confidence from both investors and leadership as Ethereum solidifies its role in crypto treasury strategies.
All eyes are now on how Bitmine will deploy its war chest and whether Thiel’s bet will pay off as ETH continues to climb.
