Following the recent show of strength in the Bitcoin (BTC) market, capital is spilling over to the altcoin market, with Ethereum (ETH) attracting attention amid calls for a budding alt season.
Analysts say it may be the right time to pivot to Ethereum, a stance bolstered by ETH treasury frenzy.
Peter Thiel Entities Buy Over 9% of Ethereum-Focused BitMine
According to filings with the US SEC (Securities and Exchange Commission), Peter Thiel-linked Founders Fund bought 5,094,000 shares across multiple entities associated with BitMine Immersion Technologies.
The shares accounted for a 9.1% stake in BitMine, and came barely three weeks after Founders Fund invested in the software company.
Following this move, BitMine Immersion Technologies’ BMNR soared over 12%, trading for $44.97 pre-market.
With this purchase, Peter Thiel’s Founders Fund follows Pantera, Galaxy, and Kraken Exchange in the venture.
These firms also bought shares in BitMine Immersion Technologies. Their collaboration is inspired by a common goal: building an Ethereum treasury.
BitMine raised $250 million via private placement to kickstart its treasury and appointed Fundstrat co-founder Tom Lee as Chairman of the Board, who has served as CIO since June.
BitMine Immersion announced on Tuesday, July 14, that it holds over 163,000 ETH worth over $500 million, as part of its Ethereum treasury strategy.
“Since closing on the $250 million private placement, we have surpassed $500 million in Ethereum holdings, which validates our mission to increase our stake in the Ethereum network,” said Tom Lee
Meanwhile, the firm adds to a growing list of traditional finance (TradFi) players building Ethereum treasuries. Others include SharpLink and BTCS (Blockchain Technology Consensus Solutions).
As BeInCrypto reported, SharpLink recently bought 31,487 ETH tokens, including a major 21,487 ETH purchase split between Galaxy Digital and Coinbase Prime.
The company’s ETH stash now totals 253,000, fully staked and restaked, yielding an unrealized profit of $45 million. Meanwhile, BTCS has increased its Ethereum holdings by 221% since 2024.
The synergy around Ethereum comes amid interest in the network’s “protocol-level activities”, according to BitMine, which cited DeFi, staking, and stablecoins as distinguishing elements.
As of this writing, Ethereum was trading for $3,143, after climbing almost 6% in the last 24 hours.
Analysts also say it may be the right time to invest in Ethereum, as experts highlight early signs of an altcoin season.
Among the signs is a falling Bitcoin dominance despite BTC price hitting new highs. Similarly, the altcoin season index recently hit a multi-month high.
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