Billionaire Peter Thiel acquired a 9.1% stake in BitMine Immersion Technologies, causing shares to surge 12.5% after-hours. Thiel’s net worth is $22.7 billion, and he is known for co-founding PayPal. BitMine stock ended at $44.97, up 21% after-hours, with a 400% increase since debuting at $8 in May.

BitMine now holds over 163,000 ETH valued at $500 million in its treasury. The crypto mining service provider bought the Ether at an average price of $3,072 per token. A recent $250 million private placement investment helped kickstart BitMine’s Ether treasury strategy, with significant gains reported in net revenue and profits.

Read more at Cointelegraph: BitMine Shares Rallied After Peter Thiel Investment.