Reportedly, Founders Fund invested a substantial $200 million in cryptocurrency.
Founders Fund, a venture capital firm based in San Francisco, made a significant investment of $100 million in Bitcoin (BTC) and another $100 million in Ethereum (ETH) last year, according to sources familiar with the matter. This move came in the summer of 2023 when Bitcoin’s price dropped below $30,000.
The exact amount of crypto assets acquired by Founders Fund has not been disclosed. However, this investment marks the firm’s return to the crypto space after selling its stake in crypto in 2022 when Bitcoin’s price fell below $20,000. It is also the fund’s first foray into crypto since expanding its crypto management team last year, which included the hiring of Joey Krug, the former co-chief investment officer of crypto venture firm Pantera Capital, and Jennifer Campbell, the co-founder of Tagomi, a prime brokerage for crypto assets that was acquired by Coinbase.
In addition to buying crypto assets, Founders Fund has also shown support for the wider crypto ecosystem by participating in funding rounds for various crypto-related startups. One example is its involvement in the $13.5 million series A funding round of Dynamic Labs, a web3 authentication platform. Founders Fund joined this funding round alongside other notable investors such as Andreessen Horowitz (a16z), Castle Island Ventures, Breyer Capital, Nikil Viswanathan, and Joe Lau from Alchemy.
Founded in 2005 by Peter Thiel, Ken Howery, Luke Nosek, and other entrepreneurs, Founders Fund is a venture capital firm that focuses on investing in early-stage tech companies across various sectors, including technology, healthcare, and finance. Throughout the years, it has supported numerous companies, including SpaceX, Airbnb, Palantir Technologies, and Stripe.
