Ethereum News Today: BitMine Stock Soars 12% After Peter Thiel's Founders Fund Buys 9.1% Stake

BitMine Immersion Technologies, a company focused on Ethereum, has seen a significant surge in its stock price following the revelation that Peter Thiel's Founders Fund has acquired a 9.1% stake in the company. This investment, which amounts to 5,094,000 shares, was disclosed in filings with the US Securities and Exchange Commission (SEC). The purchase came just three weeks after Founders Fund's initial investment in the software company, indicating a strategic move to bolster BitMine's position in the Ethereum market.

Following this announcement, BitMine Immersion Technologies’ stock, trading under the ticker BMNR, soared over 12%, reaching a pre-market price of $44.97. This surge highlights the market's positive response to Thiel's investment and the growing interest in Ethereum-focused ventures. Founders Fund joins other prominent firms such as Pantera, Galaxy, and Kraken Exchange, which have also invested in BitMine Immersion Technologies. These firms share a common goal of building an Ethereum treasury, a strategy that BitMine has been actively pursuing.

BitMine recently raised $250 million through a private placement to kickstart its treasury and appointed Tom Lee, co-founder of Fundstrat, as the Chairman of the Board. Lee has been serving as the Chief Investment Officer since June. The company announced on July 14 that it holds over 163,000 ETH, valued at over $500 million, as part of its Ethereum treasury strategy. This significant holding validates BitMine's mission to increase its stake in the Ethereum network, according to Lee.

BitMine's strategy aligns with a broader trend among traditional finance players who are increasingly building Ethereum treasuries. Other companies, such as SharpLink and BTCS, have also made substantial investments in Ethereum. SharpLink recently acquired 31,487 ETH tokens, including a major purchase split between Galaxy Digital and Coinbase Prime. BTCS has increased its Ethereum holdings by 221% since 2024, further emphasizing the growing interest in Ethereum among traditional financial institutions.

The synergy around Ethereum is driven by the network's "protocol-level activities," including decentralized finance (DeFi), staking, and stablecoins. These elements are seen as distinguishing features of Ethereum, contributing to its dominance in stablecoins, tokenized assets, and DeFi. Tom Lee has even referred to stablecoins as the "ChatGPT of crypto" due to their viral product-market fit, highlighting the network's potential for growth and innovation.

As of the latest reports, Ethereum was trading at $3,143, reflecting a nearly 6% increase in the last 24 hours. This price movement, coupled with the growing interest in Ethereum-focused ventures, suggests that the market is bullish on the cryptocurrency's prospects. Analysts also point to early signs of an altcoin season, characterized by a falling Bitcoin dominance despite BTC price hitting new highs. The altcoin season index recently hit a multi-month high, further supporting the notion that now may be the right time to invest in Ethereum.