Recently, the cryptocurrency market has been going through a very difficult period. However, many companies are looking for ways to be most affected by this situation.
Most recently, Canadian-based investment firm Cypherpunk Holdings (HODL) has sold Bitcoin and Ethereum to eliminate existing market risks.
The company sold 205.8209 Ethereum for $293,000 and 214,7203 Bitcoin (BTC) for approximately $6.09 million. Total revenue of 6.38 million was obtained from sales.
In addition, the company added that it has $18.16 million and $14.1 million in cash and stablecoins, as well as about $1.93 million and $1.5 million allocated to structured products with a 30-day refund notice.
Additionally, Cypherpunk President and CEO Jeff Gao said that the company’s decision to divest all of its Bitcoin and Ethereum holdings comes in the wake of increased market volatility, making it increasingly risky for investors.
Gao emphasized the following points in his statement :
“We believe the most prudent approach is to sit on the sidelines while we wait for the volatility and liquidity contagion to come to a logical conclusion on the balance of possibilities; we see weaker price action paving the way for lower highs as reports of an increasing number of chains applying ‘ temporary ‘ suspensions to withdrawals.”