DeutschThe name Peter Thiel stands for radical innovation, willingness to take risks, and a keen sense for future technologies. Now, the PayPal and Palantir co-founder is once again turning his attention to the crypto sector – and this time to Ethereum. Through his Founders Fund Growth II Management fund, Thiel is taking a 9.1 percent stake in the publicly traded company BitMine Immersion Technologies – a company that has transformed itself from a Bitcoin miner into an Ethereum treasure trove.
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This investment, which was made public through documents filed with the US Securities and Exchange Commission (SEC), is far more than an ordinary deal. It is a clear sign that Ethereum has arrived as a strategic asset in the institutional camp. BitMine now holds over 163,000 ETH – a treasure worth around 500 million US dollars.
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Originally, BitMine was focused on Bitcoin mining. But under CEO Jonathan Bates and the new Chairman of the Board, Tom Lee, the company has completely realigned itself. Instead of data centers and electricity costs: Ethereum as the backbone of a decentralized financial architecture. Lee, known as the co-founder of Fundstrat Global Advisors, describes Ethereum as a central element for the digital future: a protocol with real-world relevance that is increasingly penetrating everyday life through stablecoins, smart contracts and payment applications.
Thiel seems to share this vision. And although his investment has been declared passive – without influence on corporate decisions – it still has a signal effect. The investor, who once invested early in Facebook, Palantir and SpaceX, puts Ethereum on a par with those game-changers that revolutionized entire industries with this investment.
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The timing of the investment is also remarkable. Just a few days ago, it became known that Thiel is involved in the founding of the new US bank Erebor – an institution that specifically targets start-ups and crypto companies that are stuck in the financing gap after the collapse of Silicon Valley Bank.
BitMine Was Actually Focused on Bitcoin Mining
Back to BitMine: Together with other heavyweights in the scene such as Pantera Capital, Galaxy Digital and Kraken, the company raised 250 million US dollars in the latest financing round. A capital cushion that not only secures its own Ethereum strategy, but also creates scope for new investments.
BitMine is now symbolic of the second stage of evolution of the crypto market. Away from pure mining – towards building digital vaults with concrete benefits for decentralized finance. The fact that Thiel of all people is supporting this transformation underscores the growing importance of Ethereum as an infrastructure for a new global financial system.
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The message is clear: Those who invest not only in coins today, but also in protocols, platforms and ecosystems, will be playing at the very top in the long term. Ethereum – long the “little brother” of Bitcoin – has thus finally established itself as the first choice for visionary investors. (mck)
