Peter Thiel’s $44M Bet on BitMine Sparks a 12.5% After-Hours Surge

Shares in BitMine Immersion Technologies, a crypto mining service provider, saw a notable 12.5% surge after-hours on Tuesday, following the news that billionaire investor Peter Thiel had acquired a 9.1% stake in the company.

Thiel, who is best known for co-founding PayPal and Palantir Technologies, purchased 5.09 million shares in BitMine through his venture capital firm, Founders Fund, according to a regulatory filing.

Thiel’s investment comes at a time when he continues to diversify his holdings in the tech and crypto sectors. With an estimated net worth of $22.7 billion, Thiel ranks as the 92nd richest person in the world, according to Forbes.

A Power Move in the Crypto Space

Peter Thiel’s latest move comes shortly after several high-profile projects. Earlier in the month, Thiel, along with other tech billionaires, filed for a bank charter to establish Erebor, a new financial institution designed to fill the void left by the collapse of Silicon Valley Bank in 2023.

Additionally, Thiel’s Founders Fund has been active in funding the crypto sector, reportedly leading a $200 million funding round in Polymarket, a prediction market platform, at a $1 billion valuation. Thiel-backed Bullish, a digital asset exchange, has also filed confidential paperwork for a public listing via an IPO.

BitMine’s Stock Soars

Following the announcement, BitMine’s stock (BMNR) saw a dramatic 12.5% jump after hours, reaching $44.97. At one point, the stock traded as high as $48.50, reflecting a 21% increase from the close of regular trading.

Despite closing the regular trading session down 2.5%, BitMine’s stock is still up nearly 400% from its May 8 debut when it listed at $8 per share.

The company’s impressive financial performance has also fueled investor confidence. In its May 2025 quarterly report, BitMine revealed a 67.5% year-on-year increase in net revenue and a 43.18% rise in net profits.

Such growth underscores BitMine’s strong position in the market, which has undoubtedly attracted the attention of investors like Thiel.

BitMine’s Bold Ether Investment

In a separate announcement, BitMine revealed that it now holds more than half a billion dollars worth of Ether (ETH) in its treasury. The company’s 163,000 ETH, bought at an average price of $3,072 per token, further demonstrates its strategic focus on the cryptocurrency market.

Earlier this month, BitMine also raised $250 million through a private placement, aimed at boosting its Ether holdings and strengthening its position in the rapidly evolving digital asset space.

With Thiel’s investment, BitMine appears poised to make significant strides in the crypto mining and digital asset sectors. As one of the industry’s most influential figures, Thiel’s backing brings both credibility and attention to BitMine, which has already demonstrated strong financial growth.

The surge in BitMine’s stock price is a clear sign that investors are responding positively to Thiel’s involvement, and it will be interesting to see how this partnership influences both the company and the broader crypto industry moving forward.