Shares of the crypto miner have surged in recent weeks on the company's plan to start amassing ether in its corporate treasury.

Bitmine Immersion Technologies, recently repositioned as an Ether treasury play, saw its stock soar after tech billionaire Peter Thiel’s Founders Fund revealed a 9% stake. As expected, the move sparked a ripple across similarly focused firms, signaling growing conviction around Ethereum’s long-term strategic value.

Publicly-traded Bitcoin miner BitMine Immersion has bought more Ethereum and now has over $1 billion in the cryptocurrency.