Justin Sun plans to add between $50 million and $100 million worth of bitcoin (BTC) to the blockchain's holdings, the Tron founder told.
What to know:
Sun’s planned purchase comes after bitcoin fell to $74,674, extending its decline to 21% since Jan. 15.
The move contrasts with digital asset treasury companies that bought near record highs last year and are now down more than 30% on holdings, according to bitcointreasuries.
Binance also revealed a $1 billion bitcoin allocation for its user protection fund, while TRX continues to trade near $0.284, holding above December lows and remaining in a long-term uptrend.
Justin Sun plans to add between $50 million and $100 million worth of bitcoin BTC$78,857.79 to the blockchain's holdings, the Tron founder told.
Bitcoin fell as low as $74,674 during the Asian morning on Monday, its lowest point since last April with BTC now having lost 21% of its value since Jan. 15.
It would mark as astute purchase in comparison to the hoards of digital asset treasury (DAT) companies that raised money to purchase crypto at record highs last year, many of which are now facing losses of more than 30% on their holdings, according to bitcoin treasuries.
Binance also announced that it would purchase $1 billion worth of bitcoin at the tail end of last week with the funds being allocated to the exchange's user protection fund.
TRX$0.2844 is currently trading at $0.284 having outperformed bitcoin in recent months, it remains above its December low of $0.27 and in a macro sense remains in an uptrend since late 2022.