Shares in crypto mining service provider BitMine Immersion Technologies rallied 12.5% after the bell on Tuesday as billionaire venture capitalist Peter Thiel scooped up an over 9% stake in the firm.
Thiel bought 5.09 million shares in BitMine through various arms of his venture capital firm Founders Fund amounting to a 9.1% stake, according to a regulatory filing on Tuesday.
Thiel is best known for co-founding payments giant PayPal and software firm and defence contractor Palantir Technologies. His estimated net worth stands at $22.7 billion, making him the 92nd richest person in the world, according to Forbes.
Earlier this month Thiel and other tech billionaires filed for a bank charter to launch a new financial institution called Erebor, which aims to fill the void created by the collapse of the crypto-friendly Silicon Valley Bank in 2023.
In June, Thiel’s Founders Fund was reportedly leading a $200 million funding round in prediction market platform Polymarket, at a $1 billion valuation.
Thiel-backed Bullish, a digital asset exchange, has reportedly filed confidential paperwork to go public via an initial public offering.
BitMine stock rallies
Shares in BitMine (BMNR) ended Tuesday’s trading session down 2.5% but rallied 12.5% after-hours to $44.97, according to Google Finance.
After the bell, the stock at one point was trading at $48.5, an upswing of more than 21% from the end of the regular trading session.
The stock is up nearly 400% after it debuted in the US on May 8 at $8.
Related: Ethereum becomes preferred treasury asset for tech-savvy firms
During the quarter ended May 2025, the firm reported that its net revenue was up 67.5% year-on-year, while its net profits increased by 43.18% during the same period.
BitMine’s ETH bet
On Monday, BitMine said that it now holds more than half a billion worth of Ether (ETH) in its treasury.
As of Monday, the firm held more than 163,000 ETH in its reserve, which were bought at an average price of $3,072 per token.
The firm had recently raised $250 million via a private placement that ended on July 9 to jumpstart its Ether treasury.
