PayPal co-founder and early Facebook investor Peter Thiel's Founders Fund has bought millions of dollars in bitcoin, The Wall Street Journal reported Tuesday, citing sources familiar with the situation.

Bitcoin rose more than 11 percent to trade near $14,711, according to Coinbase, amid the report.

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The venture capital firm bought about $15 million to $20 million in bitcoin, and told investors that after bitcoin's surge in the last year, those holdings are worth hundreds of millions of dollars, the newspaper said. It wasn't clear whether Founders had sold any of its holdings, the report said.

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