Even though many companies and individuals have sold their BTC holdings, some companies seem to still be bullish on BTC prospects. One such company is Cypherpunk. It holds the distinction of being the very first publicly held company to buy BTC. It chose to divest itself of its entire crypto holdings by the end of June 2022.
Based in Canada, Cypherpunk was one of many firms which chose to sell thanks to the 2022 crypto winter. It sold both ETH and BTC investments. Despite taking this step, the CEO said that his company has a bullish outlook on everything crypto for the long term. The company’s symbol is also called Hold on for dear life – HODL, because of its bullish strategy for keeping its investments.
CEO of Cypherpunk Jeffrey Gao said that investors can still be bullish on future crypto prospects even if they sell. According to him, the company is in this sector because of its bullish outlook for the future. He also said that the company would not hesitate to invest in any crypto if the right opportunities present themselves.
The industry has experienced many forced liquidations like 3AC, Voyager and Celsius, this was because they didn’t take risk management into account. Such an absence is what sets the crypto industry from maturing. Cypherpunk started the selling process as far back as early May, right before the collapse of Terra. Gao is happy that his company took this route as they avoided massive capital losses. He reiterated his bullish stance on BTC and expects that all crypto will bounce back in the next few months.