Bitcoin
$ 29,037.00 0.76%
Ethereum
$ 1,789.21 2.22%
Solana
$ 44.16 5.13%
Dogecoin
$ 0.081576 1.29%
ApeCoin
$ 6.16 1.52%
STEPN
$ 0.972065 8.72%
Terra Luna Classic
$ 0.000086 32.47%

Bitfarms buys $43.2 million in BTC

Bitfarms

TL;DR Breakdown

• Canadian crypto-mining awaits the rebound of the leading cryptocurrency.
• Bitfarms discloses that over 70 percent of its funds are in Bitcoin.

Recently the Canadian crypto-mining company Bitfarms has claimed that it has invested over $43 million in BTC. According to speculation, the firm believes that the time is right to invest in BTC or other cryptocurrencies before their value rises to a new ATH.

It is to be remembered that Bitcoin has lost over 12 percent of its value in the last month of 2021 and is still on a downward trend. Bitfarms is one of the last crypto companies to rank on the exchange, even though many crypto experts estimate that BTC investment at the moment is volatile.

Crypto-mining company bets on BTC

Bitfarms

The Canadian firm located in the city of Toronto announced that it would continue to invest its funds in Bitcoin. Bitfarms currently holds 4,300 tokens valued at roughly $175 million. The figure has risen compared to the company’s storage for 2021, which showed that it had a valuation of $121 million.

According to the crypto-company, the team has taken advantage of the moment to transfer a significant part of its funds to Bitcoin. The CEO of the crypto company has clarified that this massive purchase is part of his strategies for the possible growth of the firm’s operations.

The Bitfarms’ valuation fell by over 4 percent in the proceedings leading to its announcement. But the company lost over 3 percent of its market shares in the last day. Perhaps the firm’s measures are risky, but it may be right after BTC starts its bullish streak.

Buying cryptos on Bitfarms amazes investors

Although a few people have given up hope regarding Bitcoin after its most recent bearish streak, companies like Bitfarms are seeing the bright side of the losing trend. The crypto company reportedly invested in the token after analytics firm MicroStrategy showed off its latest Bitcoin-focused adoption. The crypto analytics platform targeted around $94 million to purchase 2,000 BTC before the end of 2021.

The Canadian firm clarified that 70 percent of its funds are in Bitcoin after adjusting its system in August 2021. This big buy allowed the company to raise its valuation to over 120 percent, but it eventually fell with the Bitcoin crash.

Bitcoin is trading today, January 10, 2021, at $40,752, losing up to 13 percent of its value in the last week. The entire crypto market suffers from the fall of its main token, but this dark picture may end shortly. Ether is trading above $3,000, losing over 20 percent in the last seven days.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

Related News

Hot Stories

LUNA 2.0 airdrop: What centralized exchanges are currently supporting?
Terra (LUNA) Price Prediction 2022-2030: What Next for Luna?
Bitcoin, Ethereum, Internet Computer Coin, and Filecoin Daily Price Analyses – 27 May Roundup
Cardano price analysis: ADA price continues sinking at $0.459 after substantial damage
Bitcoin price analysis: BTC rejects downside again, another push from $29,000 next?

Follow Us

Industry News

Sex workers in the US use Bitcoin and other cryptocurrencies to evade federal laws
Russia research crypto for international transactions
USP plans research into the Metaverse
Community Lead Greg Miles Shares His Impressions of Working Inside the Award-winning Launchpad, UpLift DAO
Ether leads altcoin rout with $520m in liquidations as Bitcoin establishes dominance