BitMine Stock Surges 12.5% After Peter Thiel Acquires 9.1% Stake

BitMine Immersion Technologies, a crypto mining service provider, saw a significant surge in its stock price after the market closed on Tuesday. The rally was triggered by the disclosure that billionaire venture capitalist Peter Thiel had acquired a 9.1% stake in the company. Thiel, known for co-founding PayPal and Palantir Technologies, purchased 5.09 million shares through various entities of his venture capital firm, Founders Fund.

Thiel's investment in BitMine comes at a time when he and other tech billionaires are exploring new financial ventures. Earlier this month, Thiel and his peers filed for a bank charter to launch a new financial institution called Erebor, aiming to address the void left by the collapse of the crypto-friendly Silicon Valley Bank in 2023. Additionally, in June, Founders Fund was reportedly leading a $200 million funding round in prediction market platform Polymarket, valuing the platform at $1 billion. Thiel-backed Bullish, a digital asset exchange, has also reportedly filed confidential paperwork to go public via an initial public offering.

BitMine's stock ended Tuesday's regular trading session down 2.5%, but it rallied 12.5% after-hours, reaching $44.97. At one point during the after-hours trading, the stock price surged to $48.5, marking a more than 21% increase from the end of the regular trading session. Since its debut in the US on May 8 at $8, BitMine's stock has seen an impressive nearly 400% increase.

BitMine's financial performance has been robust. During the quarter ended May 2025, the firm reported a 67.5% year-on-year increase in net revenue and a 43.18% increase in net profits. The company's strategic move to hold Ether (ETH) in its treasury further solidifies its position in the crypto market. As of Monday, BitMine held more than 163,000 ETH in its reserve, purchased at an average price of $3,072 per token. The firm recently raised $250 million via a private placement that concluded on July 9 to bolster its Ether treasury.