Billionaire entrepreneur Peter Thiel’s investment fund reportedly purchased $200 million worth of Bitcoin (BTC) and Ethereum (ETH) right before crypto prices took off last year.
Citing sources with direct knowledge of the matter, Reuters reports that Thiel’s Founders Fund bought $100 million worth of BTC and $100 million worth of ETH in Q3 and early Q4 of 2023.
The fund started acquiring Bitcoin when it was priced below $30,000 and executed purchases of both crypto assets over several months, according to the report.
The top crypto asset by market cap is trading at $49,498 at time of writing and is up nearly 92% since September 1st while the leading smart contract platform is trading at $2,628 and is up more than 61% over the same period.
Founders Fund started purchasing Bitcoin back in 2014 but sold off its BTC holdings before the crypto market imploded in late 2022, according to Reuters. The firm reportedly generated gains of $1.8 billion from the investment.
Thiel co-founded the retail payments giant PayPal and the software company Palantir. He was also one of Facebook’s earliest investors and has expressed vocal support for crypto assets in the past.
Founders Fund now has more than $12 billion worth of assets under management (AUM). The fund has previously invested in well-known companies like Facebook, Airbnb, SpaceX, OpenAI, Stripe, Spotify and The Boring Company.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney