During the last month of 2021, Bitcoin notably lost more than 12% of its value. However, the asset continues its downward trend even today. This didn’t seem to stop Canadian crypto-mining company Bitfarms, though, as it’s one of the last companies to rank on the exchange, despite crypto experts saying that it would be volatile to keep investing in BTC at this time.
The Toronto-based firm recently declared that it would continue investing in Bitcoin despite the current circumstances. At this time, Bitfarms holds 4,300 tokens, which have a value of approximately $175 million. The figure has risen considerably since last year, which had a valuation of $121 million.
Bitfarms says that the team has been taking advantage of the current situation to move a substantial portion of its funds over to Bitcoin. The company’s CEO explained that this decision is part of the crypto firm’s plans to try and grow its operations.
Bitfarms’ valuation dropped more than 4%, leading to this announcement. Meanwhile, it lost more than 3% of market shares on the final day. There’s always a chance that the firm’s decisions are a bit risky right now, but looking at the positive side, it could also prove itself to be the right strategy once BTC begins its bullish streak.
At this time, quite a few enthusiasts gave up hope concerning Bitcoin’s current situation, especially after its recent streak of red. However, not everyone has lost hope, including companies like Bitfarms, who are looking at the positive side of the ongoing downtrend.
Bitfarms reportedly invested in BTC after analytics firm MicroStrategy touted its latest Bitcoin-focused adoption. MicroStrategy had a target of around $94 million for purchasing 2,000 BTC before 2021 ended.
The Canadian firm explained that only 70% of its funds are in BTC since they adjusted their system back in August 2021. Thanks to the significant purchase, the company raised its valuation to more than 120%. However, its value ultimately dropped along with Bitcoin’s.
Now, Bitcoin is trading at $40,752, 13% of its value in the last week. The entire crypto market has been suffering from Bitcoin’s nosedive, but this dark time could come to a close soon.
