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Bitcoin selling signal?… US Sequans moves BTC worth 160 billion won.
US-listed Bitcoin holding company Secuonce transferred 970 BTC ( worth about 160 billion won ) to a certain exchange's prime account on the 29th ( local time ).
According to data analytics firm Arkham cited by a blockchain media outlet on the 29th, this is Secuonce's first large-scale movement since implementing its Bitcoin holding strategy. As of the current point, Secuonce holds 2,264 BTC worth about 370 billion won.
In September, Secuonce held 3,205 BTC and additionally purchased 34 BTC. The total net investment in Bitcoin is about 540 billion won, with an average purchase price of $116,653 per BTC including fees. However, the current Bitcoin price is $112,986, resulting in a loss.
While the purpose of this transfer has not been revealed, experts suggest it may be similar to the strategy of Ethereum holding company Ether Capital, which recently sold Ethereum worth 6.1 billion yen to fund a share buyback. Mark-Andrew Rödelsperger, CEO of Ether Capital, stated, “Selling Ethereum to buy back shares when the stock price is undervalued compared to net asset value (NAV) will immediately increase value.”
Cryptocurrency holding companies are showing moves to increase value through share buybacks when their market-to-net-asset-value ratio (mNAV) falls below 1. Experts analyze that Secuonce may also sell Bitcoin to buy back shares and improve its mNAV.