BitMine Immersion Technologies saw its stock surge 12.5% in after-hours trading Tuesday following news that billionaire Peter Thiel had acquired a significant stake in the crypto mining firm.
A regulatory filing revealed Thiel purchased over 5 million shares through his venture firm Founders Fund, securing a 9.1% ownership.
Though BitMine stock dipped slightly before market close, the news sent shares climbing to $44.97 — a steep rebound from its $8 debut in May.
Thiel, the PayPal and Palantir co-founder worth nearly $23 billion, has ramped up his crypto-related activity.
This month, he applied for a bank charter for Erebor, a financial venture aiming to replace the defunct Silicon Valley Bank. He’s also leading a $200 million funding round for Polymarket and backing Bullish, a digital asset exchange preparing to go public.
BitMine, which now holds over $500 million in Ether, reported a 67.5% revenue jump and 43% profit growth last quarter. The company recently raised $250 million to expand its Ethereum reserves, acquiring 163,000 ETH at an average price of $3,072.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/peter-thiel-takes-9-stake-in-bitmine-as-shares-soar-after-hours/