Investor Peter Thiel took in $1.8 billion on early crypto

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By Anushree Dave

Founders Fund, a venture capital firm founded by billionaire investor Peter Thiel, closed its crypto bet ahead of last year’s stock market crash, according to the Financial Times.

Founders Fund, a venture capital firm co-founded by billionaire investor Peter Thiel, raised about $1.8 billion cashing in crypto before last year’s stock market crash, according to a report from the Financial Times.

The fund first invested in bitcoin in early 2014, with two-thirds of its overall investment being used to buy crypto, people familiar with the fund told the Financial Times.

But by the end of March 2022, the fund had sold the majority of its crypto portfolio, just before the market hit in May last year, the sources said. Founders Fund currently has no significant investments in cryptocurrencies, the sources told the Financial Times.

Founders Fund declined MarketWatch’s request for comment.

Thiel has long been a strong supporter of bitcoin and has spoken out against those who criticize cryptocurrencies. At Bitcoin Miami 2022, an annual bitcoin conference, Thiel called out Warren Buffet, saying he was at the top of his “enemy list” of people trying to shut down cryptocurrency. Thiel also called JP Morgan chief executive Jamie Dimon and BlackRock’s Larry Fink.

Founders Fund has over $11 billion in assets under management.

-Anushree Dave

(END) Dow Jones Newswire

01-21-23 0943ET

Copyright (c) 2023 Dow Jones & Company, Inc.

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