(Reuters) -Shares of Bitmine Immersion Technologies jumped in premarket trading on Wednesday after tech billionaire Peter Thiel disclosed a 9.1% stake in the crypto mining and services company.
Palantir co-founder Thiel has publicly praised bitcoin, a currency based on blockchain technology, and his Silicon Valley venture capital firm Founders Fund was among the earlier investors in crypto.
Thiel’s stake was revealed in a U.S. Securities and Exchange Commission 13D filing after markets closed on Tuesday.
Shares rose 20.5% to $48.12 in heavy volumes.
The stock received a boost in early June after it announced a $250 million private placement to initiate ethereum treasury strategy and said Fundstrat Global Advisors head of research, Thomas Lee, would serve on its board.
The $2 billion market value firm engages in proprietary bitcoin mining and provides hosting services for third-party digital asset mining equipment.
(Reporting by Medha Singh in Bengaluru; Editing by Pooja Desai)
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