BTC mining company Bitfarms sold half of its Bitcoin holdings, which is 3,000 coins in the past week for around $62 M to reduce debt as the decline in the BTC price has had a negative impact on the business. The team wrote that it now holds around 3,349 Bitcoins, and daily BTC production of about 14 Bitcoins adds further liquidity.
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Bitfarms revealed making changes in its HODL strategy is for to enhancing liquidity and strengthening the balance sheet. The company also closed on its previously revealed $37 M in new equipment financing deal with NYDIG.
A portion of the generated amount Bitfarms applied to reduce its Bitcoin-backed credit facility with the investments management firm Galaxy Digital by $28 M from $66 M.
Bitfarms CEO Jeff Lucas said while the company continues to be bullish on long-term Bitcoin price. The strategic change allows focusing on top priorities of carrying on mining activities and continuing to expand the business with the goal to improve mining economies.