Ethereum News Today: Peter Thiel Invests in Ethereum, Sparking 7.2% Price Surge

Billionaire venture capitalist Peter Thiel, renowned for co-founding PayPal, has made a significant investment in Ethereum (ETH). Thiel, through various funds and entities, acquired a 9.1% stake in Bitmine Immersion Technologies, a firm specializing in Ether treasury strategies and chaired by Tom Lee of Fundstrat. This move has ignited optimism that Ethereum could reach new record highs in the current market cycle.

Thiel's investment in Bitmine Immersion Technologies involves the purchase of over 5 million shares, as disclosed in a recent filing to the US Securities and Exchange Commission. Bitmine, which initially focused on Bitcoin mining, has shifted its operations to concentrate on Ethereum treasury management, following a strategy similar to that of Michael Saylor’s company.

Bitmine Immersion Technologies announced that it holds over half a billion dollars worth of Ether in its treasury. Specifically, the company owns 163,142 ETH, valued at approximately $536 million based on the current price of Ethereum at just over $3,315 per token. This substantial holding underscores the growing institutional interest in Ethereum as a valuable asset.

Ethereum, the native cryptocurrency of the Ethereum blockchain, is used by developers to create a wide range of internet-based products, including crypto exchanges, games, and non-fungible tokens. With a market capitalization of $399.8 billion, it is the second-largest cryptocurrency by market value, trailing only Bitcoin.

In recent weeks, there has been a surge in interest in Ethereum treasuries, which had previously lagged behind Bitcoin in terms of corporate adoption. SharpLink Gaming, co-founded by Ethereum co-founder Joseph Lubin, recently increased its total reserves to 280,706 ETH, making it the world’s largest corporate holder of Ethereum. This trend of corporate ETH acquisition strategies is contributing to the rising price of Ethereum, which has seen a 7.2% increase today and a 25% gain over the last seven days. In comparison, Bitcoin has experienced a more modest 9% climb over the past week.

According to independent Ethereum educator Sassal, Thiel’s investment suggests that Ethereum could experience an unprecedented parabolic surge in the near future. Sassal believes that if Thiel is purchasing ETH, the price is poised for a dramatic move beyond the $3,000 range, potentially breaking past its current all-time high of $4,878.26. Sassal opined, “ETH is going so much higher than you can even imagine.”