Tezos Foundation Sold Over 8,000 BTC ($50M) In 2019; Reinvested in XTZ and Other Assets

The latest biannual report by Tezos Foundation, reveals the company sold over 8,000 BTC over the course of 2019. According to the report, the Foundation held assets worth $635 million as of January 31, 2020, a small drop from $652 million held in July 2019. Bitcoin (BTC) still represents the largest share of assets held by the foundation, Tezos (XTZ) a far off second in value held.

Tezos foundation sells 7,900 BTC across 2019

As mentioned before, BTC is the largest asset in the Foundation’s portfolio, with a dominating 47% equating to a total of 31,800 BTC at a spot price of $9,400 USD as of Jan. 31. This, however, is a sharp drop from the 63% held in Tezos’ portfolio on July 31, 2019, equating to roughly $397.7 million worth of Bitcoin held, or 39,700 BTC, at a spot price of $10,000 USD.

The huge selloff by the exchange across the latter part of the year amounts to roughly 7,900 BTC, which as at the time of writing totals to $50.95 million USD.

The foundation holds 23% of its $635 million chest in Tezos (XTZ) increasing its dominance in the portfolio from the 15% held in July 2019. The Foundation explicitly said in the report that they are not planning to sell the token. XTZ started the year brightly trading at 18-month highs of $3.80 USD but has since dipped to $1.62 at the time of writing.

Other assets owned

The Foundation has spread the rest of the amount in a diversified portfolio including traditional financial assets and other alternative assets. Furthermore, the Tezos Foundation has allocated 16% of the total amount to a stability fund that invests in conservative investments. The report reads,

“TF holds a conservative and diversified portfolio with liquid assets such as Bonds, ETFs and Commodities at Swiss Banks.”

Tezos Foundation ups and downs so far in 2020

The Foundation has been a key figure in the global adoption of blockchain technology recently offering a $37 million USD grant for the development of Tezos ecosystem. According to the biannual report released on March 19, the Foundation had approved and disbursed funding to 78 of the 200 applicants of the grant.

However, the legal battles facing Foundation on the manner they carried out their fundraising, dragged on into 2020, leaving them with one choice. The double lawsuit filed against the Foundation claiming “XTZ was offered as a security” is now settled after a $25 million payout. A statement released by Tezos’ on Friday reads,

“The Tezos Foundation chose to settle all claims because the Tezos Foundation believes it is in the best interest of the Tezos project and community as a whole. The Foundation continues to believe the lawsuits were meritless and continues to deny any wrongdoing.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,466FansLike
2,795FollowersFollow
4,236FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitfinex Offers $400M Reward For Info on 120k BTC Stolen in 2016; Hackers Can Collect Too

On August 2, 2016, Bitfinex experienced one of the biggest crypto heists of all time, as hackers exploited the system, running off with approximately...

Crypto Trading Platform, 2gether, Unable To Refund $1.4M Hack; Offers Its Native Tokens

Spanish cryptocurrency trading app, 2gether announced on Sunday the platform faced a hack on July 31 on its investment coffers losing €1.183 million ($1.4...

Venture Fund to Invest Majority of $100 Million Raised Fund in DeFi Protocols

San Francisco-based venture fund Electric Capital has raised $100 million from university endowments and other non-profits and it will be using this to invest...

Filecoin to Begins its Incentivized Testnet This Week Ahead of Project Launch Next Month

Crypto project Filecoin which proposes to create a peer-to-peer storage system, will begin its incentivized testnet this week. This testnet will allow users to...

Ethereum 2.0 Final Testnet, Medalla, Rolls Out; Is A 2020 Launch Now In Sight?

The Ethereum 2.0 Phase 0 Medalla public testnet finally went live on August 4, 2020 at around 1AM GMT giving hope of a possible...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today