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Bitcoin off-loading by Tezos Foundation worth millions

 

Tezos is a Swiss foundation that is based on the technology of peer-to-peer permissionless network. It promotes and develops new technologies and applications especially in the field of decentralized software ecosystems. 

As per a report, the foundation possessed $397.7 million worth of Bitcoin on July 31, 2019. At that point in time, Bitcoin was trading at a value of $10,000 mark as per the Bitcoin Price Index. The total coin collection was around 39,700 coins at that point in time. Moving ahead, on Jan 31’ st based on Bitcoin’s current value, the foundation’s holding dropped to 31,800 coins taking its value down to $298.5 million considering the spot price of $9400. The foundation sold about 8000 coins despite the heavy drops in the price. 

The drop in the portfolio of Tezos foundation compensated for the Bitcoin drop from 61% in July to 47% by the end of January according to its semi-annual reports. This value was further reinvested into XTZ tokens and other assets like bonds, equities, and fiat currencies.

Taking the calculation deeper, the value of the portfolio dropped from $652 million to $625 between July and January. The entire portfolio of the foundation lays its base on a asset-management strategy that has been okayed by the Foundation council. It also increased XTZ token exposure thereby increasing its share from 15% to 23%. Its value of holdings surged in 6 months with XTZ price moving up by 40% according to the reports taking its value up by $48.2 million. 

The CFO of the foundation Roman Schnider claimed that it considered Bitcoin as its prime value storage mode but according to its policies, it aims to look at the bigger picture rather than being bogged down by short term market vulnerability. As of now, Tezo has no intention whatsoever to liquidate the XTZ allocated from its own baking activities.

Tezos enjoys an exceptional community in the entire blockchain ecosystem. They are always looking out for interested stakeholders who can contribute towards their project and be a part of the change. 

Image Source – Finance Magnates

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