A very famous Nasdaq stock exchange listed Bitcoin mining company purchased 1,000 Bitcoin during January 2022. As a result, the corporation now has 4,300 BTC tokens in its hand. This Canadian firm, Bitfarms, disclosed the acquisition of more than USD 43.2 million worth of Bitcoins in a report posted on Monday. This purchase increased its token holding by 30% over its existing holding.
Bitfarms is a bitcoin mining company with operations both in the USA and Canada. The company’s shares are listed on the TSX-V and Nasdaq Stock Exchange. The crypto mining firm has expanded its operations into the United States. It purchased a 24-MW cryptocurrency mining plant there.
Emiliano Grodzki, the CEO of Bitfarms, stated that the company’s guiding goal is to acquire even more Bitcoins for the benefit of its shareholders. He predicted that the company’s capital allocation will improve over time as a result of this strategy.
Apart from BitFarms, another major investor, MicroStrategy, expanded its portfolio by purchasing 1,914 BTC. Bitcoin was purchased at the price of USD 48229 each.
On the flip side of the story, Major Bitcoin investors who want to retain the token for the long term, are unable to back up BTC in recent weeks. Currently, investors are imposing tremendous pressure on cryptocurrencies, as a result of rising Treasury rates. In a climate where interest rates are rising, investors and traders are avoiding riskier digital assets, resulting in a bearish pattern for cryptocurrencies.
Bitcoin has dropped below USD 40K and any further decline might trigger a large sell-off.
