Summary
- Nasdaq-listed Bitfarms said it plans to sell all of its roughly 1,827 BTC holdings.
- Bitfarms is pursuing a shift to an artificial intelligence (AI)-focused data center business and said it has been steadily monetizing its Bitcoin holdings.
- Management said it would reduce the share of crypto assets held and reaffirmed plans for additional sales in line with the strategic pivot.
Forecast Trend Report by Period
Bitcoin (BTC) miner Bitfarms is expected to move to streamline its holdings alongside a shift in its business model.
According to cryptocurrency-focused media outlet CoinDesk on the 31st (local time), Nasdaq-listed Bitfarms currently holds about 1,827 BTC and has said it plans to sell the entire amount.
Bitfarms is pushing a transition to an artificial intelligence (AI)-focused data center business, and is reportedly continuing to monetize its Bitcoin holdings to secure funding.
The company in fact booked realized gains of about $28.2 million through BTC sales last year, and is believed to have continued additional sales this year as well.
Management reaffirmed plans for further sales, signaling an intention to reduce the share of crypto assets on its balance sheet in line with its strategic shift.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
