Peter Thiel’s Founders Fund reportedly spent $200m on crypto

2 Min Read

San Francisco-based enterprise capital agency Founders Fund spent $100 million on Bitcoin, and one other $100 million on Ethereum final yr.

In the summertime of 2023, when Bitcoin (BTC) was buying and selling beneath the $30,000 mark, Peter Thiel’s Founders Fund started actively shopping for BTC alongside Ethereum (ETH), the second-largest crypto by market capitalization, Reuters has learned, citing sources with direct data of the matter.

Whereas the precise amount of crypto belongings acquired by Founders Fund stays undisclosed, the newest funding marks the agency’s re-entry into the crypto house after divesting its stake in crypto in 2022, following Bitcoin’s drop beneath $20,000.

This additionally seems to be the fund’s first guess on crypto after it expanded its crypto administration group final yr, hiring Joey Krug, former co-chief funding officer of crypto enterprise agency Pantera Capital, and Jennifer Campbell, co-founder of Tagomi, a main brokerage for crypto belongings that was acquired by Coinbase.

Though the $200 million funding primarily focuses on shopping for crypto, Founders Fund additionally demonstrated its assist for the broader crypto ecosystem by taking part in varied funding rounds for crypto-related startups.

One such instance is the involvement of the enterprise agency within the $13.5 million sequence A funding spherical of Dynamic Labs, a web3 authentication platform. As crypto.information reported, Founders Fund joined the funding spherical alongside different traders reminiscent of Andreessen Horowitz (a16z), Citadel Island Ventures, Breyer Capital, Nikil Viswanathan, and Joe Lau from Alchemy.

Established in 2005 by a bunch of entrepreneurs, together with Peter Thiel, Ken Howery, and Luke Nosek, Founders Fund is a enterprise capital agency, centered on investing in early-stage tech corporations throughout varied sectors, together with expertise, healthcare, and finance. Through the years, it has backed a number of corporations, together with SpaceX, Airbnb, Palantir Applied sciences, and Stripe.

Follow Us on Google News

Source link

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *