Korean Strategy 'BitMax' Drops 10% During Session
Summary
- BitMax recently attracted attention for its Bitcoin purchases and 'treasury' strategy.
- On the 7th, BitMax's stock price fell 9.83% during the session, showing a partial correction.
- The main reason reported for the decline was profit-taking sell orders.
BitMax is showing weakness in early trading. BitMax, known as the 'Korean Strategy,' has recently been employing a 'treasury' approach to accumulate virtual assets (cryptocurrencies). Although the price recently surged due to the purchase of Bitcoin (BTC), today the atmosphere suggests some adjustments, including profit-taking.
As of 9:52 a.m. KST on the 7th, BitMax is trading at ₩5,320 on the KOSDAQ market, down 9.83% from the previous day.
On the 4th, BitMax purchased an additional 49.1 Bitcoin, increasing its total holdings to 349.19 coins. The funds for the purchase were raised through the issuance of convertible bonds (CB) and other methods. BitMax's stock price was in the ₩1,000 range in early May but soared to ₩7,120 on the 26th of last month.
Today's decline is attributed to a rush of profit-taking sell orders.
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