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San Francisco-based venture capital firm Founders Fund spent $100 million on Bitcoin, and another $100 million on Ethereum last year. 
In the summer of 2023, when <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) was trading below the $30,000 mark, Peter Thiel’s Founders Fund began actively buying BTC alongside <a href="https://crypto.news/tag/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a> (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>), the second-largest crypto by market capitalization, Reuters <a href="https://www.reuters.com/technology/peter-thiels-founders-fund-made-200-million-crypto-investment-before-bull-run-2024-02-13/" target="_blank" rel="noreferrer noopener">has learned</a>, citing sources with direct knowledge of the matter. 
While the exact quantity of crypto assets acquired by Founders Fund remains undisclosed, the latest investment marks the firm’s re-entry into the crypto space after divesting its stake in crypto in 2022, following Bitcoin’s drop below $20,000. 
This also appears to be the fund’s first bet on crypto after it expanded its crypto management team last year, hiring <a href="https://www.bloomberg.com/news/articles/2023-04-14/thiel-s-founders-fund-hires-pantera-s-former-co-cio-joey-krug" target="_blank" rel="noopener">Joey Krug</a>, former co-chief investment officer of crypto venture firm <a href="https://crypto.news/tag/pantera-capital/" target="_blank" rel="noreferrer noopener">Pantera Capital</a>, and <a href="https://www.businessinsider.com/founders-fund-partner-jennifer-campbell-coinbase-tagomi-2023-10" target="_blank" rel="noopener">Jennifer Campbell</a>, co-founder of Tagomi, a prime brokerage for crypto assets that was acquired by <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noreferrer noopener">Coinbase</a>. 
 You might also like: <a href="https://crypto.news/peter-thiel-earns-1-8b-on-crypto-sold-right-before-market-crash/"> Peter Thiel earns $1.8b on crypto sold right before market crash </a> 
Although the $200 million investment mainly focuses on buying crypto, Founders Fund also demonstrated its support for the broader crypto ecosystem by participating in various funding rounds for crypto-related startups. 
One such example is the involvement of the venture firm in the $13.5 million series A funding round of Dynamic Labs, a web3 authentication platform. As crypto.news <a href="https://crypto.news/a16z-founders-fund-leads-funding-round-dynamic-labs/" target="_blank" rel="noreferrer noopener">reported</a>, Founders Fund joined the funding round alongside other investors such as Andreessen Horowitz (a16z), Castle Island Ventures, Breyer Capital, Nikil Viswanathan, and Joe Lau from Alchemy. 
Established in 2005 by a group of entrepreneurs, including Peter Thiel, Ken Howery, and Luke Nosek, Founders Fund is a venture capital firm, focused on investing in early-stage tech companies across various sectors, including technology, healthcare, and finance. Over the years, it has backed several companies, including SpaceX, Airbnb, Palantir Technologies, and Stripe. 
 Read more: <a href="https://crypto.news/peter-thiel-and-reid-hoffman-crypto-is-libertarian-and-ai-is-communist/"> Peter Thiel and Reid Hoffman: Crypto is Libertarian and AI is Communist </a>

Peter Thiel’s Founders Fund reportedly spent $200m on crypto

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