Bitmine Immersion Technologies (BMNR) shares jumped over 20% (at the time of writing) after Peter Thiel’s Founders Fund disclosed a 9% stake in the company. The move comes as Bitmine shifts from bitcoin mining to an Ethereum-focused treasury strategy.
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Ethereum bet pays off with $500M treasury and 900% rally
The company has purchased more than 163,000 ETH, now worth around $500 million. It also raised $250 million in private funding to further expand its holdings. Former Fundstrat strategist Tom Lee was recently appointed chairman of the board, positioning the company as an Ethereum-first corporate treasury, echoing MicroStrategy’s (MSTR) approach with bitcoin.
BMNR stock has surged more than 900% since June 27. The rally reflects growing institutional demand for Ethereum exposure, following Circle’s IPO and regulatory momentum around stablecoins. Ether has more than doubled in the last three months. The stock’s strong session shows rising investor interest in ETH-tied strategies and corporate adoption. However, with rapid gains and volatility, traders are watching closely for signs of consolidation or further upside.
Bitmine Immersion Technologies has no analyst ratings, so we turn to Technical Sentiment, which shows a 1-day Strong Buy signal.
