Bitfarms sold 3K Bitcoin as part of strategy to improve liquidity and pay debts

cointelegraph.com:

Canadian crypto mining firm Bitfarms sold roughly $62 million worth of Bitcoin (BTC) in June, using the proceeds from the sale to reduce its debt.

In a Tuesday announcement, Bitfarms said it had sold 3,000 Bitcoin in the last seven days, roughly 47% of the crypto mining firm’s roughly 6,349 BTC holdings. According to the company, it will use the funds from the BTC sales — $62 million — to “rebalance its indebtedness by reducing its BTC-backed credit facility with Galaxy Digital.” The sold crypto seemingly included 1,500 BTC Bitfarms used to reduce its credit facility from $100 million to $66 million in June, bringing its debt down to $38 million at the time of publication.

According to Bitfarms chief financial officer Jeff Lucas, the mining firm is “no longer HODLing” all the Bitcoin it produces daily — roughly 14 BTC — instead choosing to “take action to enhance liquidity and to de-leverage and strengthen” the company’s balance sheet. Bitfarms said it also closed a $37-million deal with NYDIG to finance equipment, bringing the firm’s liquidity to roughly $100 million.

“While we remain bullish on long-term BTC price appreciation, this strategic change enables us to focus on our top priorities of maintaining our world-class mining operations and continuing to grow our business in anticipation of improved mining economics,” said Lucas. “We believe that selling a portion of our BTC holdings and daily production as a source of liquidity is the best and least expensive method in the current market environment.”

#Bitfarms Adjusts #HODL Strategy• Pays down BTC-back credit facility to US$38 million• Currently holds total of 3,349 BTC• Daily BTC production of approximately 14 BTC adds further liquidity More info: