12 Aug Bitmain Sells Bitcoin, Buys Bitcoin Cash – Now Holding 5% of Circulation
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Bitmain has sold much of its Bitcoin and purchased large amounts of Bitcoin Cash, according to a pre-IPO document:
According to the Bitmain pre-IPO investor deck, they sold most of their #Bitcoin for #Bcash. At $900/BCH, they’ve bled half a billion in the last 3 months. If Bitcoin Core devs didn’t disclose the Bcash vulnerability, it could’ve wiped a billion dollars off their balance sheets. pic.twitter.com/9BMywdvvby
Time to buy the dip?
— Samson Mow (@Excellion) August 11, 2018
As Bitmain prepares to list itself on a stock exchange, most likely that of Hong Kong, and at a valuation of $18 billion no less, this preference could have interesting implications.
From 0 to 1,000,000
In the above chart, the first column represents amount held and the second column displays the average price at which the coin was bought, in USD. In December 2016 Bitmain held 71,560 Bitcoin and no Bitcoin Cash, and in March 2018 held 22,082 Bitcoin and 1.02 million Bitcoin Cash.
This becomes more…
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