Peter Thiel's Founders Fund invested $200 million in crypto before bull run
cryptocurrency markets.
From late summer to early fall last year, the fund invested $200 million to acquire crypto tokens, half in bitcoin and the other half in ether, the two largest cryptocurrencies, two sources with direct knowledge of the matter told Reuters.
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Offering CollegeCourseWebsiteIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIndian School of BusinessISB Product ManagementVisit The previously unreported move by the prominent Silicon Valley venture capital firm underscores some institutional investors' return to token investments, once the hottest investment strategy before the crypto market crashed in 2022.
The outsized bet marks a comeback for crypto markets, which suffered in 2022 after the collapse of crypto exchange FTX and other big players crushed prices, tarnished the industry and prompted a regulatory crackdown.
In 2022, the price of bitcoin crashed to nearly $15,000, its lowest price since 2020.
Bitcoin and ether prices have gradually climbed over the past year, with bitcoin hitting $50,000 for first time in more than two years this week, but still below its peak of $69,000 in November 2021.
As one of the earliest institutional investors in crypto, Founders Fund began aggressively buying bitcoin in 2014, but then liquidated it before the crypto market crashed in 2022, making about $1.8 billion in returns.
Last summer, Founder's Fund started to
