Following the recent show of strength in the Bitcoin (BTC) market, capital is spilling over to the altcoin market, with Ethereum (ETH) attracting attention amid calls for a budding alt season.
Analysts say it may be the right time to pivot to Ethereum, a stance bolstered by ETH treasury frenzy.
Peter Thiel Entities Buy Over 9% of Ethereum-Focused BitMine
According to filings with the US SEC (Securities and Exchange Commission), Peter Thiel-linked Founders Fund bought 5,094,000 shares across multiple entities associated with BitMine Immersion Technologies.
The shares accounted for a 9.1% stake in BitMine, and came barely three weeks after Founders Fund invested in the software company.
Following this move, BitMine Immersion Technologies’ BMNR soared over 12%, trading for $44.97 pre-market.
BitMine Immersion Technologies (BMNR) Stock Price. Source: Google Finance
With this purchase, Peter Thiel’s Founders Fund follows Pantera, Galaxy, and Kraken Exchange in the venture.
These firms also bought shares in BitMine Immersion Technologies. Their collaboration is inspired by a common goal: building an Ethereum treasury.
BitMine raised $250 million via private placement to kickstart its treasury and appointed Fundstrat co-founder Tom Lee as Chairman of the Board, who has served as CIO since June.
BitMine Immersion announced on Tuesday, July 14, that it holds over 163,000 ETH worth over $500 million, as part of its Ethereum treasury strategy.
“Since closing on the $250 million private placement, we have surpassed $500 million in Ethereum holdings, which validates our mission to increase our stake in the Ethereum network,” said Tom Lee
Meanwhile, the firm adds to a growing list of traditional finance (TradFi) players building Ethereum treasuries. Others include SharpLink and BTCS (Blockchain Technology Consensus Solutions).
As BeInCrypto reported, SharpLink recently bought 31,487 ETH tokens, including a major 21,487 ETH purchase split between Galaxy Digital and Coinbase Prime.
The company’s ETH stash now totals 253,000, fully staked and restaked, yielding an unrealized profit of $45 million. Meanwhile, BTCS has increased its Ethereum holdings by 221% since 2024.
As of July 11, 2025, $BTCS reached $96.3 Million in combined crypto and cash market value. This includes 29,122 $ETH, which marks a 221% increase in Ethereum holdings since year end 2024. Year-to-date BTCS has raised $62.4 million to support the execution of our DeFi/TradFi… pic.twitter.com/ylEFmM520M— BTCS Inc. (Nasdaq: BTCS) (@NasdaqBTCS) July 14, 2025
The synergy around Ethereum comes amid interest in the network’s “protocol-level activities”, according to BitMine, which cited DeFi, staking, and stablecoins as distinguishing elements.
6/ Why ETH? Lee points to Ethereum’s dominance in stablecoins, tokenized assets and DeFi. He even called stablecoins the “ChatGPT of crypto” because of their viral product-market fit.— Eric Conner (@econoar) June 30, 2025
As of this writing, Ethereum was trading for $3,143, after climbing almost 6% in the last 24 hours.
Ethereum (ETH) Price Performance. Source: BeInCrypto
Analysts also say it may be the right time to invest in Ethereum, as experts highlight early signs of an altcoin season.
Among the signs is a falling Bitcoin dominance despite BTC price hitting new highs. Similarly, the altcoin season index recently hit a multi-month high.
I can’t believe that I’m saying this, but maybe it’s actually time to rotate more towards $ETH.— Byzantine General (@ByzGeneral) July 15, 2025
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