San Francisco-based venture capital firm Founders Fund, led by tech billionaire Peter Thiel, reportedly allocated $100 million each in Bitcoin and Ethereum last year, signalling a robust re-entry into the cryptocurrency market.
Amidst a market downturn in the summer of 2023, Founders Fund strategically invested in Bitcoin and Ethereum, showcasing confidence in the long-term potential of these digital assets. This move comes after the firm divested its crypto holdings in 2022 following a market dip below $20,000 for Bitcoin.
While the exact quantity of crypto assets acquired remains undisclosed, Founders Fund’s recent investment reflects its renewed interest in the crypto space, especially after expanding its crypto management team in the previous year. The team additions include Joey Krug, former co-chief investment officer of Pantera Capital, and Jennifer Campbell, co-founder of Tagomi, now owned by Coinbase.
Beyond direct investments in crypto assets, Founders Fund is actively supporting the growth of the crypto ecosystem by participating in funding rounds for various crypto-related startups. Notable among these is the firm’s involvement in the $13.5 million series A funding of Dynamic Labs, a web3 authentication platform, alongside industry giants like Andreessen Horowitz and Castle Island Ventures.
Established in 2005, Founders Fund has a rich history of backing pioneering tech companies across different sectors. With investments in renowned entities like SpaceX, Airbnb, Palantir Technologies, and Stripe, the firm’s foray into cryptocurrency underscores its commitment to innovation and emerging technologies.
