Founders Fund Invests $200M in BTC and ETH Before Price Surge
Peter Thiel's venture capital firm, Founders Fund, has invested $200 million in Bitcoin and Ethereum before their recent price surge. This investment occurred between late summer and early fall of 2023, when Bitcoin was trading below $30,000. The move signals renewed confidence in the digital assets from a prominent Silicon Valley investor.
Founders Fund accumulated both Bitcoin and Ethereum during this period, positioning itself to benefit from their subsequent price increases. Over the past year, BTC has gained nearly 124%, while ETH has risen 75%. This isn't Thiel's first foray into crypto; he has been a vocal supporter of Bitcoin for years.
Founders Fund made a similar pre-bull run move in 2017, purchasing $15-20 million worth of Bitcoin before its meteoric rise. In March 2022, just before the crypto bear market set in, Founders Fund sold most of its holdings for $1.8 billion.