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

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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.

Read more on cointelegraph.com
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