Bitfarms (BITF), one of the world’s largest publicly traded Bitcoin mining companies, announced that they bought 1000 Bitcoins worth $43.2 million in the last week’s drop in the cryptocurrency market.
Bitfarms announced that as of January 10, the company has increased its Bitcoin holdings by 30% to over 4300.
Bitfarms Founder and CEO Emiliano Grodzki said in a statement that Bitfarms evaluated the recent decline in the cryptocurrency market and continued his words as follows:
“Our guiding corporate strategy at Bitfarms is to accumulate the most Bitcoins at the lowest cost and in the fastest time, for the benefit of our shareholders.
To this end, we continually optimize our capital allocation. With the decline in BTC while mining hardware prices remained high, we took the opportunity to move the money to BTC.
We remain determined to implement our operational growth strategy and achieve our target of 8 exahash/second by the end of 2022.”
Bitfarms also announced last week that they issued 3452 Bitcoins in 2021.
*Not investment advice.