Shares of Peter Thiel-backed crypto companies Bullish (NYSE: BLSH) and Bitmine Immersion (NYSE: BMNR) opened higher on October 13 as the stock market opened up following the weekend’s shocking crypto crash.
While Bullish is a major crypto trading exchange, Bitmine Immersion is the largest Ethereum treasury and the second largest digital asset treasury (DAT) company run by Wall Street legend Tom Lee.
Thiel is an early investor in Bullish; it also revealed a 9% stake in Bitmine Immersion in July.
BLSH stock, which closed at $60.41 on Oct. 10, opened at $61.41 and reached $62.09 today. However, it later dropped to $58.90 at the time of writing.
BMNR stock, which closed at $52.47 on Oct. 10, opened at $54.21 and rose to $55.40. It was trading at $53.13 at the time of writing.
On October 10, President Donald Trump threatened to impose 100% tariffs on Chinese imports to the United States. This announcement sent shock waves through the entire crypto market which, unlike the stock market, trades 24/7.
More than $19 billion was wiped from the crypto market, with the total market capitalization dropping from $4.1 trillion to $3.6 trillion in a matter of hours. Bitcoin, which hit a new all-time high (ATH) of $126,198.07 last week, crashed to $105,000 after the announcement.
However, Treasury Secretary Scott Bessent reassured that relations between the United States and China are good and that 100% tariffs on China “are not necessary.” 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 October 13, 2025, where it first appeared in the Stock Ideas section. Add TheStreet as your preferred source by clicking here.
