Ethereum to $4,000 Possible as Peter Thiel Backs ETH Treasury-Focused Bitmine

Billionaire venture capitalist and PayPal cofounder Peter Thiel has made a bullish move on Ethereum ($ETH). This follows his acquisition of a 9.1% stake in Bitmine Immersion Technologies, Inc. (BIT). The bullish move has triggered optimism that the leading altcoin could make a push for the $4,000 price level in the ongoing cycle.

Ethereum’s institutional appeal strengthened

According to a filing with the U.S. Securities and Exchange Commission (SEC), Thiel has now acquired a significant stake in BIT. Currently, Thiel holds a total of 5,094,000 shares of Bitmine's common stock. This is significant given Bitmine’s shift to an Ethereum-based treasury, which mirrors Strategy’s Bitcoin approach.

Thiel’s move could be an early sign of institutional accumulation of Ethereum via strategic investment vehicles as they anticipate a significant rally. Such a rally could see the price of $ETH flip the next psychological level of $4,000.

According to Sassal, a user on X, Thiel's move suggests that Ethereum is likely to surge far beyond the imaginations of many in the crypto ecosystem. That is, since Thiel is investing in $ETH, the price must be going significantly higher than the current $3,000 range.

As of press time, Ethereum was trading at $3,154.71, representing a 6.19% increase over the last 24 hours. The trading volume has increased by 16.57% to $37.77 billion, indicating strong investor interest.

$ETH/$BTC ratio signals momentum shift

Interestingly, Peter Thiel is not the only institutional investor that has shown interest in Ethereum recently. Within the past week, SharpLink, a Joseph Lubin-backed publicly traded company, emerged as the leading corporate holder of Ethereum. This followed an addition of $213 million worth of $ETH to its holdings.

Meanwhile, in terms of price outlook, Ethereum is eyeing a significant breakout, as the $ETH/$BTC ratio indicates the altcoin is gaining strength against the flagship cryptocurrency.