In Q3 2023, Founders Fund, a company run by billionaire Peter Thiel, invested $200 million in Bitcoin and Ethereum.
The investment was split evenly between the two cryptos and marks the return of institutional players to digital assets following the collapse of FTX and regulatory pressure.
Founders Fund, one of the first to invest in venture crypto, bought Bitcoin aggressively in 2014, but liquidated it before the 2022 market crash, making a $1.8 billion profit.
His recent purchases, made when Bitcoin was trading below $30,000, have generated an unrealized profit of about 66% with the current price at $50,000.
As a well-known early-stage investor in companies such as Meta and SpaceX, Founders Fund focuses on investing in revolutionary technologies.