Shares of Bitmine Immersion Technologies, an ether treasury company, surged on Wednesday after tech billionaire Peter Thiel disclosed a 9% ownership stake through his venture capital firm, Founders Fund.
Bitmine’s stock climbed 22% during the session, while other companies with similar strategies also rose. SharpLink Gaming, which recently adopted an ETH treasury approach and has Ethereum cofounder Joe Lubin as its board chair, increased 13%. Bit Digital, which shifted focus last month from bitcoin mining to ETH treasury and staking, gained 11%.
Bitmine Immersion Technologies Inc. is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. The Company operates in the cryptocurrency mining industry. Its business includes industrial scale digital asset mining, equipment sales and hosting operations. It is engaged in self-mining bitcoin for its own account, as well as hosting third party equipment used in mining of digital asset coins and tokens, specifically bitcoin. It conducts digital asset mining operations using specialized computers equipped with application-specific integrated circuit chips. Its data centers provide power, racks, thermodynamic management (heat dissipation and airflow management), redundant connectivity, 24/7 security, as well as software which provide infrastructure management and custom firmware that improves performance and energy efficiency.
Originally a bitcoin mining firm, Bitmine recently began buying ether and appointed market strategist Tom Lee of Fundstrat as its board chairman to position itself as the “MicroStrategy of ether.” Since then, the stock has skyrocketed by over 900%.
The surge in interest around Ethereum and related assets coincides with Robinhood’s announcement to enable trading of tokenized U.S. stocks and ETFs across Europe, as well as growing attention to stablecoins throughout June following Circle’s highly successful IPO and progress on the Senate’s proposed stablecoin legislation, the GENIUS Act.
Ether’s price itself continued its upward trend Wednesday, rising over 4%, doubling in value over the past three months.
Peter Thiel is a venture capitalist and hedge fund manager renowned as a cofounder of PayPal and Palantir, as well as an early investor in Facebook. His Founders Fund previously invested in Tagomi, a crypto brokerage acquired by Coinbase in 2020, and Polymarket, an Ethereum-based prediction market.
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