Peter Thiel's Stake Boosts Bitmine Immersion Technologies (BMNR) Stock

3 days ago

Billionaire tech investor Peter Thiel has disclosed a 9.1% stake in Bitmine Immersion Technologies (BMNR, Financial), causing the company's stock to surge in pre-market trading. Thiel, co-founder of Palantir, is a known advocate of blockchain technology and Bitcoin. His venture capital firm, Founders Fund, was among the early investors in the cryptocurrency sector.

The disclosure of Thiel's stake came through a 13D filing with the U.S. Securities and Exchange Commission. Following the announcement, Bitmine's shares rose 20.5% to $48.12 on increased trading volume. Earlier in June, the company announced a $250 million private placement to initiate an Ethereum strategy, which included the addition of Thomas Lee, Head of Research at Fundstrat Global Advisors, to its board. This announcement had previously boosted the stock price.

Bitmine Immersion Technologies, valued at $2 billion, engages in proprietary Bitcoin mining and offers hosting services for third-party digital asset mining equipment.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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