Former PayPal CEO Peter Thiel’s venture capital firm Founders Fund invested $200 million in bitcoin and ether last year.
The fund invested $100 million in each of the two largest cryptocurrencies from late summer to early fall of 2023, according to a Reuters report. Bitcoin’s price was below $30,000 at the time of the purchase.
Founders Fund reportedly began investing in Bitcoin in 2014 and made $1.8 billion by selling before the 2022 market collapse.
Thiel himself has been a longtime bitcoin advocate. During the 2021 bull run, Thiel said that he feels as though he had not invested enough in bitcoin, according to a Bloomberg report.
An early investor in SpaceX and Meta, Founders Fund has more than $12 billion in assets under management as of 2023.
His firm has also backed several crypto startups including Layer N, Ondo Finance, Block Green and others.
Founders Fund did not immediately respond to The Block’s request for further comments.
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About Author
Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.