Peter Thiel-backed crypto stocks surges after market crash

Core Insights - Shares of Peter Thiel-backed crypto companies Bullish (NYSE: BLSH) and Bitmine Immersion (NYSE: BMNR) opened higher on October 13 following a significant crypto market crash over the weekend [1][2] - Bullish is a major crypto trading exchange, while Bitmine Immersion is the largest Ethereum treasury and the second-largest digital asset treasury firm [1] - Peter Thiel holds a 9% stake in Bitmine Immersion and is one of the earliest investors in Bullish [1] Company Performance - BLSH stock opened at $61.41, peaked at $62.09, and later fell to $58.90 [2] - BMNR stock opened at $54.21, reached a high of $55.40, and was trading at $53.13 [2] Market Context - The crypto market experienced a dramatic decline, losing over $19 billion in value, with the total market cap dropping from $4.1 trillion to $3.6 trillion due to President Trump's tariff threat on Chinese imports [3] - Bitcoin's price fell from an all-time high of $126,198.07 to $105,000 following the announcement [3] - As of the time of writing, the total crypto market cap had rebounded to $3.86 trillion, with Bitcoin trading at $113,972.59 [4]