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Ethereum treasury startup BitMine just received a powerful vote of confidence from tech billionaire Peter Thiel, who has acquired a significant 9.1% stake in the company.
This bold investment places BitMine, once a Bitcoin miner, at the forefront of Ethereum-based institutional strategies.
BitMine disclosed the news in a recent U.S. Securities and Exchange Commission (SEC) filing.
The filing revealed that Thiel made his move through his renowned venture vehicle, Founders Fund Growth II Management.
The purchase gives Thiel control of approximately 5.09 million BMNR shares, translating into a 9.1% ownership of the Nasdaq-listed firm.
Once a pure Bitcoin mining outfit, BitMine has undergone a radical pivot under the leadership of CEO Jonathan Bates and newly appointed chairman Tom Lee.
Now, the company holds a staggering 163,000 ETH — currently worth around $500 million — making it one of the largest Ethereum treasury startup in the public market.
“Ethereum is not just a cryptocurrency — it’s a programmable platform for the future of finance,” said Tom Lee, co-founder of Fundstrat Global Advisors, in a recent interview.
“We believe Ethereum will underpin smart contracts, stablecoins, and real-world financial systems. BitMine is aligning itself with this future.”
The $250 million private placement that brought Thiel into the fold closed on July 9. Alongside Thiel’s stake, major crypto-native firms including Pantera Capital, Galaxy Digital, and Kraken Ventures also participated, solidifying BitMine’s status as a legitimate and ambitious Ethereum treasury startup.
“The institutional support we’re seeing reflects growing confidence in Ethereum’s evolving role in global finance,” said BitMine CEO Jonathan Bates.
“Our strategy isn’t speculative — it’s structural. Ethereum is becoming the foundation for decentralized finance and beyond.”
Peter Thiel’s involvement may be classified as a “passive investment” according to the SEC filing, but the symbolism of his backing is loud and clear.
Known for spotting transformative trends early — including Facebook, Palantir, and SpaceX — Thiel’s entry into the Ethereum arena validates BitMine’s thesis and trajectory.
“Peter Thiel doesn’t invest lightly,” said Alex Thorn, Head of Firmwide Research at Galaxy Digital.
“His involvement signals to markets that Ethereum is maturing as an institutional asset. It’s not just a smart contract chain anymore. It’s the backbone of a new financial system.”
Thiel’s investment also aligns him with Tom Lee’s bullish stance on Ethereum, which he recently described as “on the brink of a major breakout.”
As Ethereum increasingly proves its value through staking, real-world asset tokenization, and institutional-grade DeFi applications, companies like BitMine are stepping in to consolidate treasuries and infrastructure.
This positions BitMine not just as a token holder, but as an emerging Ethereum treasury startup capable of shaping financial services.
“The world is waking up to Ethereum’s potential,” said Dan Morehead, CEO of Pantera Capital. “BitMine’s treasury strategy could become a blueprint for how public companies gain long-term exposure to decentralized infrastructure.”
Notably, Thiel’s investment in the Ethereum treasury startup comes on the heels of his participation in backing Erebor, a newly launched U.S. bank focused on supporting startups and digital assets in the post-SVB era.
This further demonstrates his conviction in crypto’s role within future banking and capital systems.
Thiel’s move into BitMine is more than a financial maneuver — it’s a clear signal to both Wall Street and crypto natives that Ethereum’s institutional age has arrived.
For BitMine, it means credibility, capital, and a seat at the table in building Ethereum’s financial layer.
With 163,000 ETH on its balance sheet, strategic leadership, and high-profile investors, BitMine is quickly cementing its status as a dominant Ethereum treasury startup, and the market is paying attention.
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