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.
Founders Fund did not immediately respond to The Block’s request for further comments.
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