Shares of the ether treasury company Bitmine Immersion Technologies surged Wednesday after tech billionaire Peter Thiel disclosed a 9% stake in the firm through his venture capital firm Founders Fund.
The stock rallied more than 19%. Companies with a similar focus rose in tandem. SharpLink Gaming, which has also initiated an ETH treasury strategy and whose board is chaired by Ethereum cofounder Joe Lubin, jumped about 15%. Bit Digital, which last month exited bitcoin mining to focus on its ETH treasury and staking plans, gained 9%.
Bitmine, a bitcoin mining company, recently initiated a buying strategy around ether and appointed market strategist Tom Lee of Fundstrat as chairman of its board. The moves come amid a rush of interest in stablecoins and tokenization, two crypto themes whose activity is largely powered by the Ethereum network, following the successful IPO of stablecoin issuer Circle and progress on stablecoin legislation.
The price of ether itself also continued its rally, up more than 4% Wednesday. The coin has doubled in price in the past three months.
Thiel is a venture capitalist and hedge fund manager best known as a cofounder of both PayPal and Palantir and an early investor in Facebook. Founders Fund was an investor in Tagomi, the crypto brokerage acquired by Coinbase in 2020, and Polymarket, the prediction market built on Ethereum.
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