Seeking Alpha
2022-01-10 13:15:11

Bitfarms buys 1K bitcoins so far in 2022 as price dips

Bitfarms (NASDAQ:BITF) buys 1K bitcoins (BTC-USD) as the price of the world's largest digital token by market cap continues to fall to September lows. The company acquired the coins for $43.2M, which increases its BTC holdings by 30% to more than 4.3K as of Jan. 10, 2022. "With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC," said Bitfarms Founder and CEO Emiliano Grodzki. Meanwhile, shares of BTIF slide 2.3% in pre-market trading as (BTC-USD -1.4%) tests a crucial level of technical support at $40K. Previously, (Jan. 3) Bitfarms mined 3,452 BTC in 2021.

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer