Legendary venture capitalist Peter Thiel, the billionaire cofounder of PayPal (PYPL) and Palantir (PLTR), has taken a 9.1% stake in BitMine Immersion Technologies (BMNR). This comes just weeks after BitMine appointed Tom Lee, Fundstrat’s head of research, as chairman, and announced a bold new strategy: turning the company into the Ethereum (ETHUSD)-backed version of MicroStrategy (MSTR), now known as Strategy.
While most crypto miners are focused on Bitcoin (BTCUSD), BitMine is pivoting to Ethereum, building a treasury worth over $500 million in ETH, and using ETH-per-share as a performance metric. The company is planning to raise $250 million more to continue stacking Ethereum in a big bet on the digital asset's growing role in global stablecoin transactions.
