Some people know how to take advantage of falling prices. The Canadian Bitfarms announced the addition of 1,000 BTC to its treasury. The mining company plans to continue accumulating bitcoins as soon as the price drops.
Bitfarms buys $42 million worth of bitcoins
The announcement was made during the day yesterday. As Bitfarms explains, the company’s treasury now contains 4,300 bitcoins. That’s a 30% increase with this purchase alone. The price at the time of the sale was around $42 million.
Bitfarms points out that it wants to source Bitcoin regularly, with planned purchases. In the third and fourth quarter of 2021, the company had made purchases of a similar amount. Emiliano Grodzki, Bitfarms’ CEO, explains:
“Our principle strategy […] is to accumulate as much Bitcoin as possible at the lowest cost, and in the shortest amount of time to benefit our shareholders. “
” Buying the dip “
Bitfarms has therefore taken advantage of the recent fall in prices to replenish its supplies. The Emiliano Grodzki explains that “the prices of mining equipment remain high, we took the opportunity to allocate funds to BTC”.
It must be said that the price of Bitcoin is in a bad way at the beginning of the year, after having fallen for several weeks in a row. Since the beginning of November, and its record high of $69,000, BTC has lost 42% of its value:
Bitcoin price falls since the beginning of November (Source: TradingView, BTC/USDT)
Over a year, its growth has decreased to +9.8%. The capitalization of the largest cryptocurrency now stands at $798 billion.
