Peter Thiel just threw his weight behind Ethereum — again.
The billionaire investor and PayPal co-founder has taken a sizable stake in a crypto mining company that's going all-in on Ethereum (ETH-USD), according to a report from Business Insider. While the miner wasn't named in the story, that didn't stop investors from piling in. BMNR stock surged as much as 30% after the disclosure of Thiel's 9.1% stake.
It's a bold move at a time when Ethereum is still figuring out its post-Merge identity. Even with the shift away from proof-of-work, mining adjacent operations — especially those optimizing validator infrastructure and Layer-2 activity — are drawing attention.
For Thiel, it's not a one-off. He's long been a believer in crypto's disruptive potential, backing firms like Bitpanda and Layer1 in the past. This latest investment suggests he sees Ethereum as more than just a tech layer — he sees it as core financial infrastructure.
The market's reaction? Loud and clear. Investors are paying attention, and so is the rest of the crypto world.
