On June 21, Bitfarms, an Argentinean cryptocurrency mining company operating in Canada, announced an adjustment to its HODL strategy so as to improve the company’s liquidity.
According to a press release, the company sold a total of 3,000 Bitcoin (BTC) over the last week for approximately US$63 million to improve its corporate liquidity by nearly US$100 million.
#Bitfarms Adjusts #HODL Strategy
• Pays down BTC-back credit facility to US$38 million
• Currently holds total of 3,349 BTC
• Daily BTC production of approximately 14 BTC adds further liquidity
More info: https://t.co/xCcIUHkWsU
$BITF #BTC #BitcoinMining #Blockchain pic.twitter.com/L58siaA99c
— Bitfarms (@Bitfarms_io) June 21, 2022
In this way, the company’s Bitcoin reserves were reduced from around 6,349 BTC to a total of 3,349 BTC, counting the daily production of what they carried during June. Through this sale, the company was left with much lower BTC reserves than it had at the beginning of the year, which was 4,300...
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