Peter Thiel don buy 9.1% for BitMine, dey back $500M ETH Reserve
Peter Thiel venture fund don buy 9.1% share for NYSE-listed company wey dem call BitMine Immersion Technologies. The $50 million investment give Thiel chance to dey involved for Bitcoin mining wey dey use immersion cooling technology and get 163,142 ETH wey worth about $500 million. BitMine plan upgrade their mining rigs and make partnership for renewable energy. The Ethereum treasury fit help spread risk, bring staking returns, and open up for future DeFi projects. Thiel move show say institutional people dey more confident for crypto infrastructure and fit make BitMine shares get more volume and wahala. Traders suppose dey watch how BitMine stock and ETH metrics dey move.
Bullish
Peter Thiel money $50 million stake for BitMine plus the big ETH treasury dey send strong signal to institutional investors say Ethereum get value as strategic reserve asset. For short term, Ethereum trading fit see more wahala and buying pressure as traders dey expect to use part of 163,142 ETH for staking or DeFi yield chance dem. For long term, if institution dem continue to join, e fit reduce ETH supply and make network security strong through staking, thus support price to go higher. Historically, big big purchase and endorsements don always make positive feeling and capital dey flow enter Ethereum, wey make people see beta price trend.