One of the first public companies to buy Bitcoin is selling its stake, but claims it remains 100% bullish ⋆ ZyCrypto

• An early Bitcoin (BTC) investor dumped all his holdings in a move that left enthusiasts scratching their heads.
• The company’s CEO claims that selling 100% of BTC does not mean the company is not positive on the asset class.
• Horrendous events in the markets forced several companies to liquidate their holdings to ensure long-term survival.

Cypherpunk Holdings, a Canadian-based financial firm, sold 100% of its Bitcoin holdings in the wake of the severe crypto winter, but the company says it remains 100% positive on the asset.

Still bullish as ever

Cypherpunk Holdings has joined the bandwagon of firms selling their Bitcoins to stay afloat amid unsavory market conditions. The peculiarity of the Cypherpunk Holdings sale was that it sold its entire holdings of BTC and ETH.

For a public company with the ticker symbol HODL, the decision to liquidate its entire holdings is raising eyebrows among community members. HODL is crypto slang that means to keep your holdings of digital assets regardless of a crypto crash.

Cypherpunk CEO Jeffrey Gao argues that his company remains 100% bullish on Bitcoin despite the selloff. “We are in this business because we are net positive on crypto for the long term,” he said.

Part of Gao’s argument was that even established digital asset firms such as Voyager and Three Arrows Capital were forced to liquidate their holdings. So it was just a matter of putting the house in order and returning to the scene stronger.

Cypherpunk’s sale of its digital holdings has been in the works since May, even before the implosions of Terra and 3AC. Gao notes that before the carnage began, Cypherpunk had disposed of nearly 40% of its holdings, with the last tranche liquidated in June.

“You can be bullish on crypto, but you can still sell yourself out of the market,” Gao said. He added that going forward; the company will place considerable emphasis on increased risk management.

More focus on Solana and Ethereum in the future

Cypherpunk’s CEO revealed that the company would take a conservative approach to Bitcoin in the future. He expressed optimism about the potential of Solana and Ethereum in the long run, while he was relieved that the company avoided “capital destruction.”

“Longer term, at least at this point, I would be more bullish on Bitcoin conservatively than the other tokens,” Gao commented. “But in the next two or three months, I’m probably more partial to Ethereum and Solana.”

His comments about Ethereum and Solana come at a time when both networks are going through turbulent times. For Ethereum, there are widespread reports that the merger could lead to a network split into Proof-of-Stake and Proof-of-Work.

On the other hand, Solana has been plagued by power outages in the network since the beginning of the year. Slope, a Solana-based wallet provider, only suffered a hack last week that cost its users millions of dollars in losses.