Nasdaq-listed Bitcoin self-mining company Bitfarms announced adding 1000 Bitcoins for $43.2 M to its holdings. Presently, the company owns more than 4300 coins.
With the recent acquisition, Bitfarm's holdings of bitcoin went up by 30%. In the published press release, the mining operations provider mentioned that in Q3 of 2021 it bought 1000 Bitcoins, and in Q4 of the year, the company made another purchase of 1000 BTC.
Bitfarms founder and CEO Emiliano Grodzki said that the company aims to gather the most Bitcoin for the lowest price and in the shortest amount of time. According to him, shareholders would benefit due to that strategy.Grodzki added that Bitfarms continually optimizes its capital allocation.
The executive said while the Bitcoin price is down and mining hardware prices are high, the company used the opportunity to move cash into BTC. Bitfarms CEO noted that the company is committed to carrying out its growth strategy and delivering 8 Exahash/second till the end of 2022.
Currently, Bitcoin trades at around $40.800, which is 40.5% down from its all-time high of $68.789 reached on Nov. 10, 2021.