Bitmine Immersion Technologies recently launched an ether buying strategy and named Fundstrat's Tom Lee chairman.

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 (BMNR) is up more than 20% in afternoon trading after billionaire investor Peter Thiel announced a 9.1% stake in the Ethereum (ETHUSD) treasury stock. Thiel’s revelation arrives only weeks after the firm named Fundstrat’s Tom Lee its chairman and raised $250 million from a consortium of accredited investors,