$ETH Ethereum’s Rocket Flight To New Record Highs Beckons As Billionaire Peter Thiel Buys Stake In ETH Treasury Firm
Billionaire venture capitalist Peter Thiel, best known for co-founding payments giant PayPal, has bet big on Ethereum (ETH).
Funds and entities affiliated with Thiel acquired a 9.1% stake in Bitmine Immersion Technologies, the Ether treasury strategy firm chaired by Fundstrat’s Tom Lee. This bullish move by the prominent tech investor sparked optimism that the altcoin king could make a run for new record highs in the current cycle.
Peter Thiel’s ETH Bet
Peter Thiel purchased 9.1% of Bitmine Immersion Technologies via various investment funds. Thiel now owns over 5 million shares in the company, according to a Tuesday filing to the US Securities and Exchange Commission.
Ether’s Institutional Appeal Skyrockets
Interest in Ethereum treasuries has increased in recent weeks, which, until recently, had lagged behind Bitcoin in terms of corporate adoption.
SharpLink Gaming, founded by Ethereum co-founder Joseph Lubin, announced yesterday that it had boosted its total reserves to 280,706 ETH, making it the world’s largest corporate holder Ethereum.
And according to independent Ethereum educator Sassal, Thiel’s investment suggests that Ethereum could witness an unprecedented parabolic surge in the near future. Simply put, if Thiel is purchasing ETH, the price must be primed for a dramatic move beyond the $3,000 range, and possibly break past its current all-time high of $4,878.26.
“ETH is going so much higher than you can even imagine,” Sassal opined.
