Home Business One of the first public companies to buy Bitcoin sells its holdings but says it remains 100% bullish ⋆ ZyCrypto

One of the first public companies to buy Bitcoin sells its holdings but says it remains 100% bullish ⋆ ZyCrypto

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One of the first public companies to buy Bitcoin sells its holdings but says it remains 100% bullish ⋆ ZyCrypto

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  • An early Bitcoin (BTC) investor has dumped all of his holdings in a move that has enthusiasts scratching their heads.
  • The company’s CEO says selling 100% of its BTC doesn’t mean the company isn’t bullish on the asset class.
  • Unsavory events in the markets have forced several companies to liquidate their holdings to ensure their long-term survival.

Cypherpunk Holdings, a Canadian-based financial firm, sold 100% of its Bitcoin holdings following a torrid crypto winter, but the company says it remains 100% bullish on the asset.

Still bullish like never before

Cypherpunk Holdings has joined the bandwagon of companies selling their Bitcoins to stay afloat in unsavory market conditions. The particular fact of the sale of Cypherpunk Holdings was that it had sold all of its BTC and ETH holdings.

For a public company whose ticker symbol is HODL, the decision to liquidate its entire stake is raising eyebrows among community members. HODL is crypto slang that involves retaining ownership of digital assets regardless of the pangs of a crypto crash.

Cypherpunk CEO Jeffrey Gao says his company remains 100% bullish on Bitcoin despite the selloff. “We’re in this business because we’re net bullish on long-term crypto,” he said.

Part of Gao’s argument was that even established digital asset companies like Voyager and Capital of the Three Arrows were forced to liquidate their assets. Thus, it was only a question of putting order in his house and coming back stronger to the scene.

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Cypherpunk’s sale of its digital assets has been ongoing since May, even before the Terra and 3AC implosions. Gao notes that before the carnage began, Cypherpunk had disposed of nearly 40% of its holdings, with the last tranche being liquidated in June.

“You can be bullish on crypto, but you can always sell out of the market,” said Gao. He added that for the future; the company will pay particular attention to better risk management.

More attention on Solana and Ethereum in the future

Cypherpunk’s CEO revealed that going forward, the company will take a conservative approach to Bitcoin. He expressed his optimism about the potential of Solana and Ethereum in the long term while being relieved that the company avoided “capital destruction”.

“Long term, at least at this point, I would be more conservatively bullish on Bitcoin than these other tokens,” Gao commented. “But over the next two or three months, I’ll probably be more biased towards Ethereum and Solana.”

His comments on Ethereum and Solana come at a time when both networks are facing turbulent times. For Ethereum, there are numerous reports that the merger could lead to a bifurcation of the network into Proof-of-Stake and Proof-of-Work.

In contrast, Solana has been plagued by network outages since the start of the year. Slope, a Solana-based wallet provider, just last week has been hacked costing users millions of dollars in losses.

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