Peter Thiel acquires 7.5% stake in ETHZilla, driving stock up 207%
Tech billionaire Peter Thiel has acquired a 7.5% stake in ETHZilla, marking his second investment into an Ethereum treasury company in recent weeks.
- Thiel and related entities purchased a 7.5% stake in ETHZilla (formerly, 180 Life Sciences)
- ETHZilla’s stock jumped 207%, closing at $10.24 from $3.34 after the investment news.
- This follows Thiel’s recent 9.1% stake in BitMine Immersion Technologies last month.
Peter Thiel, a PayPal and Palantir co-founder, has made a significant investment in ETHZilla, a company formerly known as 180 Life Sciences that recently pivoted from biotech research to Ethereum ( ETH ) treasury management.
According to a recent SEC filing, Thiel and related entities acquired a 7.5% stake in ETHZilla, which currently holds 82,186 ETH, valued at approximately $349 million, with an additional $238 million in cash equivalents. The company plans to hold the Ethereum long-term and stake it through Electric Capital’s proprietary network strategies to generate yield for shareholders.
Following news of the investment, the company’s stock surged nearly 207%, closing at $10.24 compared to $3.34 close on Monday, as initially reported by Yahoo! Finance.
Thiel doubles down on Ethereum with BitMine and ETHZilla
The stake in ETHZilla marks Thiel’s second major crypto-focused investment in recent weeks. In mid-July, Thiel acquired a 9.1% stake in BitMine Immersion Technologies, a company that initially focused on Bitcoin mining but has since pivoted to building an Ethereum-centric treasury.
BitMine , now led by Fundstrat founder Tom Lee, more than doubled its ETH holdings from a $250 million private placement just days before Thiel’s investment.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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