Tezos Bulls Are Coming Back As The Markets Gain Double Digits

The non-profit Tezos Foundation which holds funds raised in the $400 million Tezos ICO sold more than 8,000 Bitcoins (BTC) in 2019 as reports show this Thursday. The share of the Tezos Foundation and its portfolio made up of Bitcoin fell from 61% in July to 47% at the end of January, as the company disclosed in its biannual report. This value was later reinvested into other cryptocurrencies as well as other asset classes. Per the report, the Tezos Foundation held more than $397.7 million worth of Bitcoin on July 31, 2019. As the Bitcoin news showed BTC at $10,000 back then, the foundation held around 39,700 in BTC. As of January 31, the Tezos Foundation sold a bit and held 31,800 BTC which was worth around $298.5 million based on the spot price of $9,400. This means that the foundation sold as many as 8,000 Bitcoins which even with the recent downturn in prices, would still be worth around $53 million today. The total value of the foundation and its portfolio fell down from $652 million on July 31st to $625 million by January 31. This indicates that the Tezos Foundation sold a lot of BTC according to the report. By reinvesting the value into other cryptocurrencies such as ETH and other asset classes including bonds, equities and fiat currencies, the Tezos Foundation also increased its XTZ token exposure and increased the share from 15% to 23%. With the XTZ price increasing by 40% in six months between the reports, the value of their holdings went up by around $48 million. The CFO of the Tezos Foundation, Roman Schnider, told the media that although it considered Bitcoin to be a “key store of value,” its asset strategy policy was to focus and pau for the long term objectives, all of that “without being distracted by short-term market moves.” In Thursday’s report, the Tezos Foundation claimed that it had no plans to liquidate any of the XTZ which was allocated from the genesis block (generated  from its own baking activities) which is a form of staking used to produce blocks as well as secure the Tezos protocol. In the daily Tezos news, we can see that XTZ has lost around 8% and is now trading at around $1.50.

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