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Peter Thiel Made $200M Investment in BTC, ETH Before Bull Run: Reuters

A source said that the investment was split evenly between the two digital assets.

By Sam Reynolds
AccessTimeIconFeb 13, 2024 at 4:21 a.m. UTC
Updated Mar 8, 2024 at 9:25 p.m. UTC
(Rachel Sun/CoinDesk)
(Rachel Sun/CoinDesk)
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  • Peter Thiel's Founders Fund has made a $200 million investment in bitcoin and ether
  • Thiel's fund sold crypto holdings for $1.8 billion before 2022's crypto winter.

Peter Thiel's Founders Fund made a $200 million investment in bitcoin and ether before the bull run, per report by Reuters.

According to CoinDesk Indices data, bitcoin (BTC) has increased nearly 124% in the last 12 months, while ether (ETH) has risen 75%. The CoinDesk 20 Index (CD20) has rallied approximately 86% in the same period.

Founders Fund started to purchase bitcoin when it was below $30,000 and acquired more BTC and ETH in the subsequent months, sources told Reuters.

Thiel has long been a proponent of bitcoin, linking its price rise to a critique of central banks and fiat money. During the 2021 bull run, he said he felt "underinvested" in the world's largest digital asset.

Founders Fund sold most of its crypto holdings for $1.8 billion in March 2022, just before crypto winter began, the Financial Times reported last year. Founders Fund made a previous investment in bitcoin to the tune of $15 to $20 million during the 2017-2018 bull market.

Thiel also backs the institutional crypto exchange Bullish, which in 2023 purchased CoinDesk from Digital Currency Group.

Edited by Omkar Godbole.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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