The shares of Peter Thiel-backed crypto companies, Bullish (NYSE: BLSH) and Bitmine Immersion (NYSE: BMNR), opened higher on Oct. 13 as the stock market opened after the shocking crypto crash over the weekend.
While Bullish is a major crypto trading exchange, Bitmine Immersion is the largest Ethereum treasury and the second-largest digital asset treasury (DAT) firm led by Wall Street legend Tom Lee.
Thiel is one of the earliest investors at Bullish; he also revealed a 9% stake in Bitmine Immersion in July.
Peter Thiel, president and founder of Clarium Capital Management LLC, walks the grounds during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, US, on Friday, July 14, 2023.
The BLSH stock, which closed at $60.41 on Oct. 10, opened at $61.41 and rose as high as $62.09 today. However, it later slipped to $58.90 at the time of writing.
The BMNR stock, which closed at $52.47 on Oct. 10, opened at $54.21 and rose as high as $55.40. It was trading at $53.13 at the time of writing.
More News: What happened over the weekend?
On Oct. 10, President Donald Trump threatened to impose a 100% tariff on Chinese imports to the U.S. The announcement sent shockwaves through the entire crypto market which, unlike the stock market, trades 24/7.
Over $19 billion got wiped out from the crypto market as the total market cap slipped from $4.1 trillion to $3.6 trillion within hours. Bitcoin, which hit a new all-time high (ATH) of $126,198.07 only last week, crashed to $105,000 after the announcement.
However, Treasury Secretary Scott Bessent has reassured that the relationship between the U.S. and China is good and 100% tariffs on China “doesn’t have to happen.” The meeting between Trump and Chinese President Xi Jinping is still expected despite trade tensions, he added.
The total crypto market cap stood at $3.86 trillion at the time of writing, with Bitcoin trading at $113,972.59.
This story was originally reported by TheStreet on Oct 13, 2025, where it first appeared in the Stock Ideas section. Add TheStreet as a Preferred Source by clicking here.