Reglikedomain industry desk

NameSilo sold $840k of bitcoin ahead of the crash

NameSilo sold $840k of bitcoin ahead of the crash

Registrar cashed out ahead of market turmoil hit.

cryptocurrency

Like many assets, the value of bitcoin fell precipitously in recent weeks.  The value of a bitcoin has fallen in regarding half.

One domain name firm had the good fortune of selling a cache of bitcoin ahead of the market tumbled: NameSilo (OTC: URLOF) sold over 84 bitcoin at USD $9,957.15 each on February 19.  That gave it gross proceeds of USD $839,000.

At Friday’s price, it would have only been worth regarding $440,000.

The firm collected the bitcoin as payments from its domain name registrar clients. In the earlier days of cryptocurrencies, I believe most firms that accepted cryptocurrency for payment immediately converted them into cash to offload the risk of price changes. That’s clearly not the case with NameSilo.

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