© Reuters Peter Thiel's venture capital firm pumped $200 million into bitcoin and ether ahead of the bull market.
According to Reuters, Peter Thiel's Founders Fund has made a new investment in bitcoin and ether ahead of the start of the current cryptocurrency bull run.
Amid a resurgence of interest in the cryptocurrency sector from Silicon Valley, the venture capital firm reportedly allocated $200 million for the purchase of these cryptocurrencies in the period between late summer and early fall of 2023.
The investment was split equally between the top two cryptocurrencies by market cap.
The move, which had not been disclosed before, highlights a renewed commitment by some institutional investors in the cryptocurrency market, which faced challenges in 2022 due to the fall of major entities such as the FTX cryptocurrency exchange, leading to a decline in valuations, damage to the sector's reputation and greater regulatory scrutiny.
Founders Fund started buying BTC when its price was below $30,000 and continued buying bitcoin and ether over the following months.
The average purchase price of these cryptocurrencies could not be determined, the report adds.
