Key Takeaways
- An anonymous Bitcoin holder known only as “Pine” donated 5,104 BTC through the Pineapple Fund between late 2017 and May 2018.
- The Bitcoin was converted into roughly $55 million and distributed across 60 charities working on healthcare, poverty, digital rights, and scientific research.
- At Bitcoin’s current price of roughly $83,300, the same 5,104 BTC would be worth about $425 million today.
One of Bitcoin’s biggest anonymous fortunes disappeared from public view after its owner gave away more than 5,000 BTC. Eight years later, the scale of that decision looks considerably larger.
An anonymous Bitcoiner using the name “Pine” launched the Pineapple Fund in December 2017, initially pledging 5,057 BTC, valued at approximately $86 million at the time.
After five months of donations and a falling Bitcoin price, the fund ultimately converted 5,104 BTC into around $55 million, distributing the money among 60 charitable organizations.
At Bitcoin’s Sept. 24 price of approximately $83,285, those 5,104 BTC would now be worth about $425 million. At prices slightly above $83,400, the value crosses $426 million.
5,104 Bitcoin Went to 60 Charities
The Pineapple Fund emerged near the peak of Bitcoin’s 2017 bull market.
Pine explained that accumulating extraordinary wealth was not a personal goal and instead decided to give away most of their Bitcoin fortune. More than 10,000 organizations reportedly applied for funding after the project became public.
Recipients covered an unusually broad range of causes.
Three of the largest grants, worth $5 million each, went to GiveDirectly, the Open Medicine Foundation, and the Multidisciplinary Association for Psychedelic Studies, or MAPS. Other recipients included the Internet Archive, BitGive, OpenStreetMap, and organizations researching aging and organ preservation.
MAPS confirmed that Pine initially donated 59.89 BTC, valued at $1 million, in December 2017. The Pineapple Fund later provided another $4 million through a matching campaign supporting Phase 3 clinical trials of MDMA-assisted therapy for PTSD.
$55M Donation Becomes a $426M Bitcoin What-If
The enormous difference between the donation’s original dollar value and its current value is due to Bitcoin’s appreciation.
At roughly $83,300 per BTC, 5,104 BTC is worth about $425.2 million, nearly eight times the $55 million ultimately realized for charities.
That does not mean the charities collectively “lost” $370 million by accepting or converting Bitcoin.
The donations occurred over several months, organizations needed usable funding, and Bitcoin itself was highly volatile. The original pledge was valued at nearly $86 million in December 2017, yet the 5,104 BTC ultimately generated around $55 million as Bitcoin fell in the following months.
Holding everything until 2026 would have required the charities to accept years of Bitcoin price risk.
Who Was Pine?
That question remains unanswered.
Pine never publicly disclosed their identity, gender, or country, and available public records still do not establish who controlled the fortune.
The fund effectively ended in May 2018 after its final donation to the Internet Archive.
Pine resurfaced briefly on Reddit in 2020 to address a problem with the Pineapple Fund website and warn about impersonators, but did not reveal their identity.
Eight years later, the mystery remains. Bitcoin is long gone from Pine’s hands, but at today’s prices, one anonymous decision to give away 5,104 BTC has become a $426 million what-if.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
