U.Today | Arman Shirinyan | Jun 21, 2022
A global Bitcoin self-mining company, Bitfarms based in Canada, is now “adjusting its HODL strategy” according to the press release to add more liquidity and strengthen its balance sheet.
Reportedly, the company has sold 3,000 BTC for approximately $62 million at the average price of $20,600. The main reason behind the operation was the company’s inability to provide funds to finance the equipment.
See: Justin Hartzman: Unveiling the Celsius and 3 Arrows Capital implosions
After the deal was done, the company’s total Bitcoin holdings remained at 3,349 Bitcoins with 14 BTC added to the balance every day. Additionally, the Canadian Bitcoin mining company will proceed to reduce the BTC-backed credit facility with Galaxy Digital LLC from $66 million to $38 million.
From now on, the company will no longer HODL its assets produced daily, which means that Bitfarms will most likely create constant selling pressure on the market to provide more liquidity to its balance sheet by increasing the percentage of stablecoins or fiat currencies in their portfolio.
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