Founders Fund Invests $100 Million Each in Bitcoin and Ethereum
San Francisco-based venture capital firm Founders Fund made significant investments in the cryptocurrency market last year. According to sources familiar with the matter, the firm allocated $100 million to Bitcoin (BTC) and another $100 million to Ethereum (ETH) during a time when Bitcoin was trading below $30,000. This marked Founders Fund’s re-entry into the crypto space after divesting its stake in 2022 due to Bitcoin’s price drop.
The exact quantity of crypto assets purchased by Founders Fund remains undisclosed. However, this move aligns with the firm’s expansion of its crypto management team in 2023, which saw the hiring of industry experts such as Joey Krug and Jennifer Campbell.
Supporting the Crypto Ecosystem
In addition to buying cryptocurrencies, Founders Fund has demonstrated its support for the broader crypto ecosystem. The firm participated in various funding rounds for crypto-related startups, including Dynamic Labs, a web3 authentication platform. Founders Fund joined the $13.5 million series A funding round alongside other prominent investors like Andreessen Horowitz and Castle Island Ventures.
About Founders Fund
Established in 2005, Founders Fund is a venture capital firm founded by entrepreneurs Peter Thiel, Ken Howery, and Luke Nosek. The firm specializes in early-stage investments across sectors such as technology, healthcare, and finance. Some notable companies backed by Founders Fund include SpaceX, Airbnb, Palantir Technologies, and Stripe.
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