Unknown Crypto Stock Skyrockets 3,000% — Then Peter Thiel Buys 5 Million Shares

Unknown Crypto Stock Skyrockets 3,000% — Then Peter Thiel Buys 5 Million Shares

Peter Thiel Backs Ethereum Miner With $500M ETH Bet, Stock Soars 30%

A little-known crypto mining firm just caught the eye of billionaire investor Peter Thiel — and its stock is on fire.

Venture capitalist and Palantir co-founder Peter Thiel has disclosed a 9.1% stake in BitMine Immersion Technologies — a bold move that signals growing institutional interest in Ethereum.

 BitMine’s Big Ethereum Bet

BitMine Immersion Technologies made headlines earlier this month when it announced plans to buy $250 million worth of Ethereum (ETH). That announcement alone sent its stock soaring more than 3,000% in a matter of days.

Now, BitMine has doubled down, revealing that it has increased its Ethereum holdings to over $500 million. The company holds exactly 163,142 ETH at an average price of $3,072.67 per ETH.

That’s a massive crypto reserve — and it’s caught the attention of one of tech’s most influential investors.

 Peter Thiel Buys 5 Million Shares

According to a new SEC filing (13G), Peter Thiel’s Founders Fund now owns 5,094,000 shares of BitMine Immersion Technologies, giving it a 9.1% ownership stake.

This news triggered another rally in BitMine’s stock. On Wednesday, the shares shot up by as much as 30%, hitting $51.68 before settling around a 20% gain by midday.

Thiel has long been a crypto advocate, with Founders Fund being one of the first institutional investors in Bitcoin back in 2014. The fund exited its position in 2022 but returned in 2023 with a fresh $200 million investment in Bitcoin and Ethereum.

 Who Is BitMine — and Why Are They Going All-In on ETH

BitMine Immersion Technologies isn’t a household name, but that could change fast.

The company is betting big on Ethereum as it builds a crypto mining and holding strategy similar to Michael Saylor’s approach with Bitcoin at MicroStrategy. By stockpiling ETH, BitMine is aligning itself with the growing momentum around Ethereum’s role in the crypto ecosystem — especially with stablecoin regulations gaining traction in the U.S.

Ethereum plays a critical role in the blockchain infrastructure behind stablecoins, which are poised for explosive growth as they gain mainstream and regulatory acceptance.

 Tom Lee Joins as Chairman

Adding even more credibility to BitMine’s rise is the appointment of Fundstrat co-founder Tom Lee as the company’s new chairman.

Lee is a respected voice in both traditional finance and crypto, known for his bullish stance on digital assets and long-term forecasts. His presence adds major weight to BitMine’s strategic direction.

 Stock Performance: From Obscure to Explosive

• Year-to-date performance: +500%

• Post-Ethereum announcement rally: +3,000%

• Current stock price (mid-July): ~$50

• Previous high: $135

While the stock has pulled back from its peak, it remains one of the top-performing crypto equities of 2025.

With Thiel’s backing and a massive ETH reserve on the books, many investors now see BitMine as a serious Ethereum proxy play — similar to how MicroStrategy is viewed as a Bitcoin proxy.

 CEO: “Wall Street Is Getting ETH-Pilled”

BitMine CEO Jonathan Bates commented on the company’s crypto strategy, saying:

“We are pleased that we added significantly to our ETH treasury just 3 days after closing our private placement. Clearly Wall Street is getting ‘ETH-pilled.’”

The phrase “ETH-pilled” is a nod to the growing realization among institutional investors that Ethereum could play a central role in the future of digital finance — from stablecoins and DeFi to NFTs and beyond.

 Why This Matters for Ethereum

Peter Thiel’s move signals a major shift in institutional sentiment toward Ethereum. While Bitcoin has traditionally been the favorite among hedge funds and VC firms, Ethereum is now gaining serious traction thanks to:

• Its use in smart contracts

• Its role in stablecoin and token issuance

• The upcoming Ethereum upgrades improving scalability and cost-efficiency

• Its potential to anchor the next wave of decentralized finance (DeFi)

BitMine’s aggressive ETH accumulation and Thiel’s stake suggest that Ethereum is finally getting its moment in the institutional spotlight.

BitMine Immersion Technologies has gone from an obscure crypto mining firm to a Wall Street darling, thanks to a perfect storm of:

• A $500 million ETH bet

• The addition of respected finance figure Tom Lee

• And now, the endorsement and funding from Peter Thiel

If Ethereum continues to gain momentum, BitMine could become a key proxy for ETH exposure — especially for investors who want stock market access to crypto.

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