Peter Thiel’s venture capital firm, Founders Fund, founded by former PayPal CEO Peter Thiel, invested $200 million in Bitcoin and Ether last year.
According to Reuters, the fund allocated $200 million into the two largest cryptocurrencies from late summer to early fall 2023. Bitcoin’s price was below $30,000 at the time of purchase.
Founders Fund is believed to have started investing in Bitcoin since 2014 and made a profit of $1.8 billion by selling before the market crashed in 2022.
Thiel himself is a longtime supporter of Bitcoin. According to Bloomberg, during the price surge in 2021, Thiel expressed that he felt like he hadn’t invested enough in Bitcoin.
As an early investor in SpaceX and Meta, Founders Fund manages assets of over $12 billion as of 2023.
Founders Fund has also supported several cryptocurrency startups including Layer N, Ondo Finance, Block Green, and others.