Peter Thiel's fund has made a new investment in Bitcoin and Ethereum ahead of the start of the cryptocurrency's ongoing bull run.

Amid renewed interest in the cryptocurrency sector from Silicon Valley companies, the capital management firm has reportedly set aside $200 million to purchase these cryptocurrencies from late summer to early fall of 2023.

The investment was split equally between the two largest cryptocurrencies by market cap.

The move, which had not been previously disclosed, highlights the renewed involvement of some institutional investors in the cryptocurrency market, which has faced challenges in 2022 due to the collapse of major entities such as the FTX cryptocurrency exchange, which led to lower valuations and damaged the reputation of the sector. and increased regulatory scrutiny.

The fund started buying Bitcoin when its price was below $30,000 and continued buying both Bitcoin and Ethereum over the following months.

The report adds that it is not possible to determine an average purchase price for these digital currencies.