Jun 29, 2022 at 11:42Obviously, not everyone will survive the crypto winter. Canada investment company Cypherpunk Holdings sells all of its Bitcoin and Ethereum to avoid current market risks. According to the latest figures, total sales revenues amounted to 6.38 million Canadian dollars ($5 million).
In total, the company sold 205.8209 ether (ETH) for CAD 293,000 ($227,000) and 214.7203 bitcoins (BTC) for about CAD 6.09 million ($4.7 million).
Cypherpunk’s president and CEO, Jeff Gao, said the company decided to get rid of all of the firm’s bitcoin and ether stocks in the wake of growing market volatility, which has made holding token assets increasingly risky for investors.
Bitcoin and ether have lost more than half their value over the past year, falling to 52-week lows earlier this month. The company’s shares have fallen 50% on the Canadian stock exchange.
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“We believe that the most prudent approach is to sit on the sidelines as we wait for the volatility and illiquidity contagion to come to its logical conclusion. On the balance of probabilities, we see weaker price action opening the way to lower levels to come as reports of the number of chains imposing ‘temporary’ suspension on withdrawals increases,” said Jeff Gao.
In contrast to Cyberpunk, Microstrategy CEO Michael Saylor remains unfazed despite the catastrophic fall in the value of cryptocurrencies. He is confident in the bright future of Bitcoin, and his company will not sell its token holdings.
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