Peter Thiel’s Founders Fund has acquired a 9.1% stake in BitMine Immersion Technologies, marking a significant vote of confidence in the firm’s Ethereum-focused strategy.
The purchase was disclosed in a Schedule 13G filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
BitMine, a digital asset mining and treasury firm, is building what it claims will be one of the largest corporate Ethereum treasuries. The company has amassed more than 163,000 ETH, worth over $500 million, funded in part by a recent $250 million private placement involving several high-profile crypto investors.