Late Tuesday, the Securities and Exchange Commission unveiled Schedule 13G, in which an entity managed by the Peter Thiel Founders Fund quietly accumulated 5,094,000 shares of common stock. Play “Ethereum -Treasury.” The filing lists stocks across six Delaware vehicles, but calls Tiel the ultimate manager with shared voting and negative powers. They also do not check the Passive Instar Box and show immediate intent to seek management of a Las Vegas-based company.
Ethereum wins major backers
The disclosure news shows BitMine’s shares have risen by more than 12% in post-market trading to $44.97, adding about $280 million to its already bulging market capitalization. After Bitmine unveiled a $250 million private placement fully allocated for Ethereum purchases and set up FundStrat co-founder Thomas “Tom” Lee as chairman of the board, it extended a wild gathering that saw a 3,000% stock surge in the week ending July 3rd.
Bitmine’s accumulation was even faster than its stock price rise. In a press release dated July 14, the company said it currently owns 163,142 ETH (approximately $500 million at the time). “Since closing our $250 million private placement, we’ve surpassed $500 million at Ethereum Holdings, which validates our mission to increase our Ethereum Network interest,” Lee said. Jonathan Bates’ chief executive added: “Wall Street has obtained ‘Espill’.”
Long known for its Bitcoin price target, Lee positions Bitmine as an analogue to the micro strategy. “We have witnessed the reflexive profits of acquiring large holdings within Bitcoin finance companies. Similarly, the ETH Treasury Department, which accumulates 5% of the ETH supply, can benefit from an equivalent ‘Wall Street Put’,” he argued in the same statement.
Thiel’s entrance adds a marquee validation to the paper. 13G indicates that the purchase price has not been disclosed, but the 5.1 million share blocks highlight the size of BET. The submission was based on Rule 13D ‑ 1(c), so Thiel has shown a passive attitude, at least for now, but his long-standing interest in Ethereum is well documented. The 2014 fellowship of the Thiel Foundation is well-known for Vitalik Buterin’s decision to drop out of college to build the protocol.
The Ethereum community was in the news with a typical exaggeration. “ETH goes way higher than you can imagine,” writes Podcaster and on-chain analyst @Sassal0x. Bankles co-founder Ryan Sean Adams confessed that he was “not bullish enough,” but macro trader Mortensenbach urged the watchlist to keep Bitmine.
The institutional appetite for the Ethereum balance sheet strategy has been accelerating in recent weeks. Using Bitcoin, Bitmine, Bit Digital and Sharplink, the Finance Ministry of Finance to the Ethnic Area as an alternative to Bitcoin, as a replacement with a harvest to replace Bitcoin, each has experienced double-digit stockpop.
At the time of pressing, ETH traded for $3,137.
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