Bitfarms sold 3K Bitcoin as part of strategy to improve liquidity and pay debts
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Bitfarms sold roughly $62 million worth of Bitcoin in June, using proceeds to reduce its debt. The mining firm said it had sold 3,000 Bitcoin in the last seven days, roughly 47% of its Bitcoin holdings. The move came amid extreme price volatility among major cryptocurrencies including Bitcoin and Ether. Bitfarm said it also closed a $37-million deal with NYDIG to finance equipment, bringing the firm’s liquidity to roughly $100 million. On Saturday, the price of Bitcoin dropped under $18,000 for the first time since December 2020 but has since returned to more than $21,000 at the time of publication. On Tuesday, the ETH price experienced a similar drop to under $1,000 on Saturday Source