Billionaire entrepreneur Peter Thiel’s funding fund reportedly bought $200 million value of Bitcoin (BTC) and Ethereum (ETH) proper earlier than crypto costs took off final 12 months.
Citing sources with direct data of the matter, Reuters reports that Thiel’s Founders Fund purchased $100 million value of BTC and $100 million value of ETH in Q3 and early This autumn of 2023.
The fund began buying Bitcoin when it was priced under $30,000 and executed purchases of each crypto belongings over a number of months, in line with the report.
The highest crypto asset by market cap is buying and selling at $49,498 at time of writing and is up almost 92% since September 1st whereas the main good contract platform is buying and selling at $2,628 and is up greater than 61% over the identical interval.
Founders Fund began buying Bitcoin again in 2014 however bought off its BTC holdings earlier than the crypto market imploded in late 2022, in line with Reuters. The agency reportedly generated features of $1.8 billion from the funding.
Thiel co-founded the retail funds large PayPal and the software program firm Palantir. He was additionally certainly one of Fb’s earliest traders and has expressed vocal assist for crypto belongings prior to now.
Founders Fund now has greater than $12 billion value of belongings beneath administration (AUM). The fund has beforehand invested in well-known firms like Fb, Airbnb, SpaceX, OpenAI, Stripe, Spotify and The Boring Firm.
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