Peter Thiel Backs Bitmine, Stock Jumps 25% as ETH Treasury Trend Gains Steam

Bitmine Immersion Technologies (BMNR) surged 25% on Wednesday after a regulatory filing revealed that tech investor Peter Thiel has taken a 9.1% stake in the Ethereum-focused firm.

Thiel made the purchase through multiple investment entities, according to a disclosure filed with the U.S. Securities and Exchange Commission on Tuesday. The news sent BMNR shares climbing to around $48 by midday, a steep rise from $4 levels prior to its strategic shift toward ETH treasury management late last month.

The rally coincides with a broader wave of interest in Ethereum-based corporate treasury strategies. Ether gained 9% on the day and is up 23% over the past week—well ahead of bitcoin’s 9.6% rise over the same period.

Momentum is also lifting other ETH-aligned firms. Sharplink Gaming (SBET) advanced 17%, while BTCS climbed 25% after being added to the Russell Microcap Index.

The market appears to be rewarding companies leaning into ETH as a treasury asset, with growing signs that institutional capital is moving to gain exposure.