Peter Thiel's Founders Fund apparently sold most of its bitcoin (EXANTE: Bitcoin) holdings for $1.8 billion last year right before the market crash, the Financial Times has learned, citing people close to the fund.
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As per the report, the fund sold the majority of its crypto investments by the end of March 2022, when bitcoin was trading at ~$45,000. Currently, the fund has no significant exposure to cryptocurrencies, the sources added.
It is unclear, what was the reason behind the move. As of press time, Founders Fund made no public comments on the matter.
Founded in 2005, the fund made its first investment in bitcoin in 2014, when the largest cryptocurrency by market capitalization was trading at around $1,000.
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