Shares of BitMine Immersion Technologies, a provider of crypto mining services, experienced a surge of 12.5% in after-hours trading on Tuesday following the disclosure that prominent venture capitalist Peter Thiel has acquired a substantial ownership stake in the company.
According to a regulatory filing made public on Tuesday, Thiel’s investment, executed through various entities within his Founders Fund venture capital firm, comprised 5.09 million shares of BitMine. This acquisition translates to a 9.1% ownership position in the company.
Peter Thiel is widely recognized as a co-founder of the globally recognized payment processing firm PayPal, as well as Palantir Technologies, a software and defense contracting enterprise. Forbes estimates his personal wealth to be around $22.7 billion, ranking him as the 92nd wealthiest individual worldwide.
Earlier in July, Thiel joined forces with other notable figures in the technology sector to apply for a bank charter. Their aim is to establish a new financial institution, dubbed Erebor, to address the gap left by the failure of Silicon Valley Bank in 2023, a bank known for its support of cryptocurrency ventures.
Reports surfaced in June indicating that Thiel’s Founders Fund was spearheading a $200 million funding round for Polymarket, a prediction market platform. This funding round would value Polymarket at $1 billion.
Bullish, a digital asset exchange supported by Thiel, has reportedly submitted confidential documentation to U.S. regulators for an initial public offering (IPO), signaling its intent to become a publicly traded company.
BitMine Stock Sees Positive Movement
BitMine’s stock (BMNR) concluded Tuesday’s regular trading session with a 2.5% decline. However, the announcement of Thiel’s investment triggered a significant rally in after-hours trading, pushing the stock price up by 12.5% to $44.97, according to information from Google Finance.
At one point during after-hours trading, the stock reached $48.50, marking an increase of over 21% compared to its closing price during the regular trading hours.
Since its U.S. market debut on May 8, priced at $8, the stock has gained nearly 400%.
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The company’s financial results for the quarter ending in May 2025 revealed a 67.5% increase in net revenue compared to the same period last year. Similarly, net profits grew by 43.18% during the same timeframe.
BitMine’s Investment in ETH
On Monday, BitMine announced it has accumulated over $500 million worth of Ether (ETH) for its treasury.
As of Monday, BitMine held over 163,000 ETH in reserve, acquired at an average price of $3,072 per token.
The firm recently concluded a $250 million private placement on July 9, aimed at boosting its Ether treasury.
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