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Silicon Valley heavyweight Peter Thiel’s investment firm, Founders Fund, struck gold with a well-timed $200 million bet on Bitcoin and Ethereum, according to Reuters. This shrewd move netted them a tidy $200 million profit, riding the recent crypto bull run.
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Sources reveal the investment was split evenly between the two leading digital assets: Bitcoin (BTC) and Ethereum (ETH). Both saw impressive gains over the past year, with Bitcoin soaring 124% and Ethereum rising a respectable 75%.
Buying Low, Selling High: Founders Fund wasn’t afraid to get their feet wet early, entering the market when Bitcoin was still below the $30,000 mark. They strategically added to their positions in both BTC and ETH in the following months, demonstrating confidence in the market’s long-term potential.
Peter Thiel: A Vocal Crypto Advocate: This isn’t Thiel’s first foray into the crypto world. He’s a long-standing proponent of Bitcoin, using its price gains as ammunition against central banks and fiat currencies. He even admitted feeling “underinvested” in the asset during the 2021 bull run.
Smart Exit Before the Storm: Interestingly, Founders Fund cashed out most of their crypto holdings in March 2022 for a cool $1.8 billion, according to the Financial Times. This savvy move came just before the crypto winter set in, showcasing their keen market timing.
Thiel’s Crypto Footprint: Thiel’s influence in the crypto space extends beyond his personal investments. He backs Bullish, an institutional crypto exchange, which acquired CoinDesk in 2023.
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