Ethereum News Today: Peter Thiel Invests $250 Million in Ethereum Through BitMine Stake

Billionaire Peter Thiel has made a significant investment in Ethereum, aligning with Fundstrat’s Tom Lee through a substantial stake in BitMine Immersion Technologies. According to a July 15 SEC filing, Thiel’s Founders Fund acquired 5,094,000 shares, representing a 9.1% stake in the crypto mining and Ethereum treasury firm led by Fundstrat CIO Lee. This disclosure follows an earlier announcement at the end of June that Founders Fund had invested in BitMine.

Thiel and Fundstrat acquired the shares through a $250 million private offering that concluded on July 9. Other notable participants in this round included crypto heavyweights such as Pantera Capital, Galaxy Digital, and Kraken. During this private placement, over 55 million shares were sold at $4.50 each, with the proceeds used by BitMine to purchase more ETH. BitMine has since doubled its ETH holdings to $500 million, acquiring 163,142 tokens.

BitMine, originally a Bitcoin mining-focused company, has transitioned under the leadership of CEO Jonathan Bates and recently-appointed Lee into a treasury firm. Since initiating its Ethereum treasury plan, the company has purchased 163,000 ETH. With the altcoin leader trading at $3,164.98, the holdings equate to over $515.8 million, making BitMine one of the largest institutional holders of ETH. The SEC filing indicates that Thiel’s investment is for a passive role, meaning he does not intend to influence control of BitMine.