Amidst a resurgence of interest in the cryptocurrency sector from Silicon Valley, the venture capital firm reportedly allocated $200 million towards purchasing these cryptocurrencies in the period from late summer to early autumn of 2023.
The investment was equally divided between the top two cryptocurrencies by market cap.
The move, which had not been disclosed before, highlights a renewed engagement from some institutional investors in the cryptocurrency market, which faced challenges in 2022 due to the downfall of major entities like the crypto exchange FTX, leading to a decrease in valuations, damage to the sector’s reputation, and increased regulatory scrutiny.
Founders Fund began purchasing BTC when its price was under $30,000 and continued to buy both bitcoin and ether over the following months.
The average purchase price of these cryptocurrencies could not be determined, the report adds.
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