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3d ago

Peter Thiel’s Fund Takes 9.1% Stake in BitMine, Driving Stock Past $2 Billion

The investment further validates BitMine’s pivot to an Ethereum treasury that now holds 163,142 ETH worth over $500 million.

Peter Thiel attends the annual Allen and Co. Sun Valley Media Conference in Sun Valley, Idaho, U.S., July 6, 2022. REUTERS/Brendan McDermid/File Photo
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Overview

  • BitMine closed a $250 million private placement on June 30 to finance its ETH/USD treasury strategy
  • Fundstrat co-founder Tom Lee was named chairman to guide the company’s shift into Ethereum reserves
  • Founders Fund Growth II disclosed a 9.1% stake in BitMine in an SEC filing filed July 15
  • The company has accumulated 163,142 ETH valued at more than $500 million and measures an ether-per-share metric
  • BitMine’s market cap leapt from under $30 million to about $2.12 billion, with shares surging over 760% month-to-date and swinging as much as 45% intraday