Bitmine Immersion Technologies Inc (BMNR) opened nearly 20% up on Wednesday after Peter Thiel revealed a 9.1% stake in the Ether treasury company. The billionaire investor has built a sizable stake in the Tom Lee-chaired business at a time when ETH-linked assets are rallying hard on optimism tied to the Senate’s recent approval of the “GENIUS

Bitmine Immersion Technologies recently launched an ether buying strategy and named Fundstrat’s Tom Lee chairman.

BitMine announced the company is adding Fundstrat's Tom Lee as Chairman and announced a $250 million private placement to stack ether as part of the company's treasury strategy. The raise included participants across crypto that have participated in other publicly traded treasury plays, including Pantera Capital and Galaxy Digital.