The post Peter Thiel’s Fund Cashes Out $1 Billion in Crypto After 8 Years of Holding appeared first on Coinpedia Fintech News
Founders Fund, a venture capital firm co-founded by Peter Thiel and managing $11 billion in assets, reportedly liquidated most of its Bitcoin investment, which was purchased eight years ago, before the crypto market crash, earning over $1.8 billion in profits.
The timely sale allowed the Founders Fund to hold Bitcoin during two consecutive bull markets. However, this move contrasts with Thiel’s comments at a 2022 conference in Miami, where he expressed optimism about Bitcoin’s future and stated “we’re at the end of the fiat money regime.”
It is worth noting that Founders Fund had invested two-thirds of its portfolio in Bitcoin back in 2014. After the sale, the company has minimal exposure to the crypto market, which has seen significant losses in value.
Although the company has not publicly reported the sale, as a private company, it is not obligated to do so to the SEC or any other government agency. It is unclear if Founders Fund plans to re-enter the crypto market in the future, as it has not publicly announced any intentions to do so.
Currently, Founders Fund is an indirect investor in Dogecoin through its investments in companies such as SpaceX and Palantir.
Additionally, Stripe, a company in which Founders Fund has invested, has significantly invested in cryptocurrency payments, including enabling fiat-to-crypto on-ramp transactions. This suggests that Founders Fund is still bullish on cryptocurrency and blockchain technology despite liquidating its Bitcoin holdings.
The firm has also invested in other industries such as health, energy, and artificial intelligence. Overall, Founders Fund’s investment strategy is diversified and not solely focused on cryptocurrency.
Read More: bitcoinwarrior.net