BitMine Immersion Technologies Stock Surges After Hours: What's Going On?

BitMine Immersion Technologies Inc BMNR shares are ripping higher in Tuesday’s after-hours session after billionaire PayPal and Palantir co-founder Peter Thiel disclosed a stake in the company.

What To Know: Thiel’s Founders Fund Growth II Management disclosed in an SEC filing late Tuesday that it took a 9.1% stake in BitMine Immersion Technologies as of July 8.

BitMine recently announced a pivot to an Ethereum ETH/USD treasury strategy, which has sparked a flurry of buying in the name.

BitMine closed on an initial private placement of $250 million last week with intentions to accumulate ETH, the native cryptocurrency of the Ethereum blockchain. The company announced on Monday that it’s now holding a total of 163,142 ETH.

Before announcing the Ethereum treasury strategy, BitMine had a market cap of just $25.86 million and shares had fallen around 45% since the start of the year. BitMine’s market cap was up to approximately $2.12 billion as of Tuesday’s close, according to Benzinga Pro.

A lot of the attention came after Fundstrat’s Tom Lee was appointed chairman of the company’s board. Lee has discussed the company’s strategy in several television interviews since, which has sparked significant investor interest in multiple companies that recently adopted ETH strategies.

GameSquare Holdings Inc GAME announced an Ethereum treasury strategy last week. The stock has been trending higher since the announcement. The company on Tuesday scheduled a conference call to review its Ethereum strategy, which sent shares up more than 25% in extended trading.

Other companies to announce Ethereum treasury strategies this year include SharpLink Gaming, Bit Digital and BTCS Inc.

BMNR Price Action: BitMine shares were up 15.47% in after-hours, trading at $46.14 at the time of publication on Tuesday, according to Benzinga Pro.

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