Peter Thiel just threw his weight behind Ethereum again.
The billionaire investor and PayPal co-founder has taken a sizable stake in a crypto mining company that’s going all-in on Ethereum (ETH-USD), according to a report from Business Insider. While the miner wasn’t named in the story, that didn’t stop investors from piling in. BMNR stock surged as much as 30% after the disclosure of Thiel’s 9.1% stake.
It’s a bold move at a time when Ethereum is still figuring out its post-Merge identity. Even with the shift away from proof-of-work, mining adjacent operations especially those optimizing validator infrastructure and Layer-2 activity are drawing attention.
For Thiel, it’s not a one-off. He’s long been a believer in crypto’s disruptive potential, backing firms like Bitpanda and Layer1 in the past. This latest investment suggests he sees Ethereum as more than just a tech layer he sees it as core financial infrastructure.
The market’s reaction? Loud and clear. Investors are paying attention, and so is the rest of the crypto world.
This article first appeared on GuruFocus.
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