Peter Thiel Acquires 9.1% Stake in BitMine Immersion Technologies Shares Surge 12.5%

Billionaire venture capitalist Peter Thiel has acquired a 9.1% stake in BitMine Immersion Technologies, a crypto mining service company. This significant investment was disclosed through a regulatory filing on Tuesday, revealing that Thiel purchased 5.09 million shares through various arms of his venture capital firm, Founders Fund. The news sent BitMine's stock soaring in after-hours trading, with shares rallying 12.5% to $44.97. At one point during the after-hours session, the stock reached $48.5, marking a more than 21% increase from the end of the regular trading session.

Thiel, known for co-founding PayPal and Palantir Technologies, has an estimated net worth of $22.7 billion, making him one of the world's wealthiest individuals. His investment in BitMine comes at a time when the crypto industry is experiencing significant growth and innovation. Earlier this month, Thiel and other tech billionaires filed for a bank charter to launch a new financial institution called Erebor, aimed at filling the void created by the collapse of the crypto-friendly Silicon Valley Bank in 2023. Additionally, Thiel’s Founders Fund was reportedly leading a $200 million funding round in prediction market platform Polymarket, at a $1 billion valuation. Thiel-backed Bullish, a digital asset exchange, has also reportedly filed confidential paperwork to go public via an initial public offering.

BitMine's recent 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 more than half a billion worth of Ether (ETH) in its treasury further underscores its commitment to the crypto space. 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 had recently raised $250 million via a private placement that ended on July 9 to bolster its Ether treasury. This investment aligns with the growing trend of tech-savvy firms adopting Ether as a preferred treasury asset, reflecting the increasing acceptance and integration of cryptocurrencies in the financial landscape.