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Billionaire Peter Thiel’s Founders Fund has invested $200 million in Bitcoin and Ethereum in recent months, according to sources cited by Reuters.
Main details:
- Founders Fund acquired $100 million each in Bitcoin and Ethereum.
- The purchases took place in late summer to early fall 2022.
- Founders Fund previously liquidated its crypto holdings ahead of the 2022 crash.
The investment, made in late summer and early fall last year, was split evenly between Bitcoin and Ethereum. This marks a return to crypto investing for Founders Fund after liquidating its initial holdings in Bitcoin before the price crashed in 2022. The company also made a profit of about $1.8 billion.
Read more: Binance founder CZ’s criminal sentencing postponed until April
Founders Fund started buying when Bitcoin fell below $30,000
The recent purchases were made when Bitcoin was trading below $30,000. Bitcoin hit $50,000 this week for the first time in more than two years.
However, BTC remains well below its 2021 peak of around $69,000. The people did not disclose the average purchase price paid by Founders Fund.
In addition to its latest crypto purchase, Founders Fund has hired former crypto hedge fund manager Joey Krug as a new partner focused on digital asset investments.
Read more: FTX sells storage units for 95% less than purchase price
Bitcoin, Ethereum, and other cryptocurrencies suffered a catastrophe in 2022. This followed the collapse of cryptocurrency exchange FTX among multiple industry players, causing a price crash. The collapse of major cryptocurrencies has also led to increased scrutiny of the cryptocurrency market by regulators.
Bitcoin recently broke through the $50,000 level and is trading at $49,917. Following this, ETH also rose by around 6%, with the price currently hovering around $2,647. The global cryptocurrency market capitalization also increased by 3.56% to $1.86 trillion at the time of writing.
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