Peter Thiel, president and founder of Clarium Capital Management LLC, holds hundred dollars bills as he speaks during the Bitcoin 2022 conference in Miami, Florida, U.S., on Thursday, April 7, 2022.
Shares of the ether treasury company Bitmine Immersion Technologies surged Wednesday after tech billionaire Peter Thiel disclosed a 9% stake in the firm through his venture capital firm Founders Fund.
The stock was last higher by 12% but rallied as much as 20% at one point. Companies with a similar focus rose in tandem, though they were also off their highs. SharpLink Gaming , which has also initiated an ETH treasury strategy and whose board is chaired by Ethereum cofounder Joe Lubin, was up 10%. Bit Digital , which last month exited bitcoin mining to focus on its ETH treasury and staking plans, gained 7%.
Bitmine, a bitcoin mining company, recently initiated a buying strategy around ether and appointed market strategist Tom Lee of Fundstrat as chairman of its board to help make it the MicroStrategy of ether. The stock has rocketed more than 900% since then.