Reddit co-founder reveals purchase of 50,000 ETH in 2014

Alexis Ohanian, Reddit co-founder, invested $15,000 in Ethereum at $0.30 during the 2014 presale. He told Forbes in an interview.

To date, these holdings could be worth about $82.5 million (+549,589%), based on current prices of the second-largest cryptocurrency by market capitalisation.

The entrepreneur said he regretted investing a relatively small amount.

Proceeds from the sale of ETH formed the basis for launching Ohanian’s venture capital firm Seven Seven Six. Profits from Coinbase investments were also used for these purposes. Currently, AUM of the company stands at $750 million.

Reddit co-founder explained his interest in Ethereum by the appeal of a decentralised store of capital. As a descendant of Armenian-speaking immigrants, he described how his ancestors lost carpet relics seized by Turkish soldiers during the genocide.

Memories of his family’s past made Ohanian a proponent of self-custody of digital assets. The entrepreneur does not trust exchanges, whose assets could be seized by authorities.

As reported in August 2022, media outlets reported that Seven Seven Six was preparing to launch Kryptos, a new fund of $177.6 million.

In February of the same year, Ohanian’s firm raised $500 million for two structures.