DigitalX to Sell $11.1 Million in Bitcoin, Ether to Cover Operating Costs
Summary
- DigitalX said it will sell Bitcoin and Ether worth about $11.1 million to cover operating costs, including labor expenses.
- The sale will cover 112 Bitcoin and 800 Ether, and will run through Dec. 31 via Upbit and Bithumb.
- DigitalX said it has already sold company-held digital assets worth about $1.8 million in February, about $5.7 million in March and about $1.2 million in June.
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Crypto exchange DigitalX plans to sell about $11.1 million worth of Bitcoin and Ether to cover operating expenses, including payroll.
DigitalX disclosed the planned sale of company-held digital assets on Oct. 12 on the website of DAXA, the Digital Asset eXchange Alliance, a consultative body of South Korea's major crypto exchanges.
The assets to be sold are 112 Bitcoin and 800 Ether. The sale period will run from Oct. 15 through Dec. 31, and the expected value totals 15.37488 billion won, or about $11.1 million, based on closing prices on Oct. 11.
The company said the sale is intended to cover operating costs, including labor expenses. The transactions will be carried out through Upbit and Bithumb.
DigitalX has also sold company-held digital assets several times this year. It disposed of about 2.5 billion won, or roughly $1.8 million, in February, about 7.9 billion won, or about $5.7 million, in March, and about 1.6 billion won, or around $1.2 million, in June.
Under DAXA's guidelines on digital-asset sales by virtual asset service providers, sales of company-held digital assets are subject to advance disclosure. The rules require companies to disclose the purpose, scale and period of a planned sale in advance.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.