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Reportedly, Peter Thiel’s Founders Fund invested $200 million in crypto.

San Francisco-based venture capital firm Founders Fund made headlines last year after investing a total of $200 million in the cryptocurrency market, with $100 million allocated to Bitcoin and another $100 million to Ethereum.

During the summer of 2023, when Bitcoin’s price was below $30,000, Founders Fund led by Peter Thiel began acquiring significant holdings in both Bitcoin (BTC) and Ethereum (ETH), according to sources familiar with the matter who spoke to Reuters. This investment marked a significant re-entry into the crypto space for the firm, following a previous divestment spurred by Bitcoin’s drop below $20,000 in 2022.

Although the exact amount of cryptocurrency acquired by Founders Fund remains undisclosed, the decision to reinvest in the market signals a bullish outlook on the future of digital assets. This move coincided with the expansion of the firm’s crypto management team, which saw the recruitment of key industry talents such as Joey Krug, former co-chief investment officer of Pantera Capital, and Jennifer Campbell, co-founder of the acquired prime brokerage platform Tagomi.

In addition to its substantial investment in Bitcoin and Ethereum, Founders Fund has shown its support for the wider crypto ecosystem through participation in funding rounds for various crypto-related startups. One notable example is the firm’s involvement in the $13.5 million series A funding round of Dynamic Labs, a web3 authentication platform. Founders Fund joined other prominent investors such as Andreessen Horowitz (a16z), Castle Island Ventures, Breyer Capital, Nikil Viswanathan, and Joe Lau from Alchemy in backing Dynamic Labs.

Established in 2005 by a group of visionary entrepreneurs including Peter Thiel, Ken Howery, and Luke Nosek, Founders Fund has built a reputation as a leading venture capital firm focusing on early-stage tech companies across multiple sectors such as technology, healthcare, and finance. With a track record of successful investments in companies like SpaceX, Airbnb, Palantir Technologies, and Stripe, Founders Fund continues to be a key player in shaping the future of innovative technologies.

Looking ahead, Founders Fund’s significant investments in Bitcoin and Ethereum reflect a growing trend of institutional interest in cryptocurrencies as an asset class with the potential for substantial growth and long-term value. The firm’s strategic re-entry into the crypto market underscores its confidence in the transformative power of blockchain technology and its commitment to supporting innovative projects that drive the evolution of the digital economy.

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