Overview

• Peter Thiel’s Founders Fund Growth II disclosed a 9.1% stake in BitMine Immersion via an SEC filing dated July 8.
• BitMine closed a $250 million private placement in late June and named Fundstrat co-founder Tom Lee as board chair to oversee its shift to an Ethereum treasury model.
• Proceeds from the placement funded the accumulation of 163,142 ETH, now worth over $500 million on the company’s balance sheet.
• Since unveiling its ETH strategy, BitMine’s market capitalization has climbed from about $25.9 million to approximately $2.12 billion.
• The stock’s price has swung dramatically, rising as much as 45.2% intraday and surging more than 760% month-to-date under heightened investor interest in Ethereum treasuries.