Latest news with #ThomasLee
Yahoo
19 hours ago
- Business
- Yahoo
Cathie Wood Joins Crypto Heavyweights In Backing BitMine's Ethereum Play
ARK Invest, led by Cathie Wood, has made a major equity investment in BitMine Immersion Technologies Inc. (AMEX:BMNR), acquiring nearly 4.8 million shares valued at $182 million across multiple ARK funds. BitMine confirmed that the net proceeds of $177 million from this transaction will be used exclusively to buy Ethereum (ETH), as the firm pursues its goal of acquiring 5% of the circulating ETH supply. Thomas 'Tom' Lee, Chairman of BitMine's Board of Directors and Head of Research at Fundstrat, lauded Cathie Wood's ARK Invest for taking a substantial stake in BitMine. Also Read: He highlighted her reputation as an early backer of breakthrough investments such as Tesla Inc. (NASDAQ:TSLA) and Bitcoin (CRYPTO: BTC/USD). Wood recently anchored her support behind Circle's (NYSE:CRCL) high-profile IPO under the ticker CRCL. Other major names backing BitMine's Ethereum strategy include Founders Fund, Pantera Capital, Galaxy Digital, Kraken, Digital Currency Group, and the pseudonymous MOZAYYX. Their collective support points to renewed institutional interest in Ethereum as the crypto market gears up for what some believe could be the next bull cycle. The move also reflects what many are calling the 'Peter Thiel effect,' referring to the wave of capital entering Ethereum-related projects following strong signals from influential tech investors. BitMine's decision to allocate its latest raise to Ethereum is a bold signal of confidence in the asset's long-term trajectory. As competition among crypto-focused firms intensifies, strategic backing from high-profile investors like Wood could shape the future of digital asset accumulation. Related ETFs include Grayscale Ethereum Trust (OTCQX:ETHE) and Bitwise Crypto Industry Innovators ETF (NYSE:BITQ). Price Action: BMNR shares are trading higher by 4.08% to $41.19 at last check Tuesday. Read Next:Image via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Cathie Wood Joins Crypto Heavyweights In Backing BitMine's Ethereum Play originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
BitMine's Ethereum Bet Tops $1B as ETH Strategy Accelerates
Bitmine Immersion Technologies (BMNR), the ether (ETH) treasury strategy firm led by Fundstrat's Thomas Lee, has amassed more than $1 billion worth of ETH and linked assets just a week after its private placement round. The firm said in a press release it now holds the equivalent of 300,657 ETH, including 60,000 tokens through in-the-money options backed by $200 million in cash. BMNR was lower by 1.5% in mid-morning U.S. trade, but remains higher by roughly 10-fold since adopting the ETH strategy. Bitmine is pursuing a strategy of accumulating ETH and participating in the Ethereum ecosystem. BitMine's leadership said it ultimately seeks to corner 5% of the total ETH supply; That's worth over $20 billion at ETH's current market capitalization. "We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply," chairman Thomas Lee said in a statement.
Yahoo
7 days ago
- Business
- Yahoo
Peter Thiel Reveals 9.1% Stake in Tom Lee's ETH-Focused Bitmine Immersion Technologies
Bitmine Immersion Technologies (BMNR), the ether treasury strategy firm helmed by Fundstrat's Thomas Lee, is rebounding on Wednesday on news that prominent tech investor Peter Thiel invested in the company. According to a Tuesday filing to the U.S. Securities and Exchange Commission (SEC), Thiel purchased 9.1% of the firm's common shares through various investment funds. BMNR shares were up 25% approaching the noon hour in the U.S., changing hands at around $48. It was a $4 stock prior to the ether pivot announced last last month. Excitement continues to grow around the growing trend of corporate ETH acquisition strategies, and it's giving a boost to ETH itself, which is up another 9% today and 23% over the past week. That compares to bitcoin's more modest 9.6% advance over the past seven days. Other ETH treasury firms also surged during Wednesday's session. Sharplink Gaming (SBET) was up 17%, while BTCS was 25% higher as it was added to the Russel Microcap in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-07-2025
- Business
- Yahoo
Bitcoin Breaks $119K, While XLM and HBAR Lead Altcoin Rally
According to CoinDesk Data price information, at 2:20 p.m. UTC on Sunday, the bitcoin (BTC) price set a new all-time high of $119,308, up 1.4% in the past 24-hour period. The new high in bitcoin price comes as President Donald Trump said late Friday on Truth Social that the U.S. will impose 30% tariffs against imports from the EU and Mexico The new tariff headlines didn't stop some bulls from already calling for much higher prices by the year-end. In a recent interview on CNBC, Fundstrat Capital CIO Thomas Lee said that the demand versus supply imbalance for BTC meant that its price could easily reach anywhere from $150,000 to $250,000 by the end of this year. As of 4:11 p.m. UTC, bitcoin is trading at around $118,882, having risen 1.38% in the past 24 hours. Meanwhile, on the same day, XLM rose as high $0.4815 (at 3:20 p.m. UTC), but currently it is trading at $0.4578, up 22% in the past 24 hours. XLM's performance, although highly impressive, was not a huge shock since on Saturday, it surged 6% to $0.3880, outperforming the top 20 cryptocurrencies by market cap. As for HBAR, its intraday high of $0.2516 was reached at 3:10 p.m. UTC, but it is currently trading at around $0.2439, up 27% in the past 24 hours, which makes it right now today's top percentage gainer among the top 20 cryptocurrencies. Crypto analyst Rekt Capital noted on X that HBAR's recent 62% surge aligns closely with its 2021 price cycle, suggesting the token could be setting up for a similar breakout pattern. According to the analyst, HBAR has been tracking the 2021 structure "almost perfectly," and any near-term pullback should be viewed as a potential retest with the goal of breaking above the current lower high resistance level. The pseudonymous analyst also pointed out that a modest 2.5% dip in bitcoin's market dominance has already fueled strong rallies across many altcoins. He noted that if such a small decline can trigger outsized altcoin moves, a more substantial drop in dominance — into double-digit territory —could significantly accelerate capital rotation into the altcoin market. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
10-07-2025
- Business
- Yahoo
Bitmine Immersion Stock Sheds Another 20% After $2B ATM Offering
Shares of Bitmine Immersion Technologies (BMNR), the ether (ETH) treasury strategy firm helmed by Fundstrat's Thomas Lee, slid 20% Thursday, extending a 40% drop from the previous day, as the company disclosed plans to raise up to $2 billion through a stock sale agreement. The selloff comes on the heels of Bitmine closing a $250 million funding round and securing an at-the-market (ATM) stock offering deal with Cantor Fitzgerald and ThinkEquity, according to a Wednesday SEC filing. Cantor will act as the lead agent, selling shares directly into the market over time at the company's discretion. The decline follows a parabolic run for Bitmine, which had surged 3,000% after announcing an Ethereum-focused treasury strategy and naming Fundstrat's Tom Lee as chairman of the board. However, CoinDesk last week reported that the price action could mirror a similar arc seen with Sharplink Gaming (SBET), another ETH treasury play, whose stock skyrocketed then plunged 90% after early investors began selling. BMNR is down 65% since the report.
