Founders Fund, a venture capital firm co-founded by billionaire investor Peter Thiel, generated around $1.8 billion by cashing out in crypto before the market crash last year, according to a report by the Financial Times. The fund first made an investment in bitcoin in early 2014, with two-thirds of its overall investment used to buy crypto, people close to the fund told the Financial Times.
But by the end of March 2022, the fund had sold a majority of its crypto portfolio, right before the market took a hit in May of last year, the sources said. Founders Fund currently has no significant investment in cryptocurrencies, the sources told Financial Times. Founders Fund declined MarketWatch’s request for comment. Thiel has long been a vocal supporter of bitcoin
and spoke out against those who were critical of cryptocurrencies. At Bitcoin Miami in 2022, an annual bitcoin conference, Thiel called out Warren Buffet, saying he tops his “enemies list” of people who are trying to stop cryptocurrency. Thiel has also called out JP Morgan chief executive Jamie Dimon and BlackRock’s Larry Fink. Founders Fund has more than $11 billion assets under management.