Justin Sun plans to add between $50 million and $100 million worth of bitcoins to blockchain holdings, the Tron founder told CoinDesk.
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 January 15.
This would be a shrewd buy compared to the hordes of digital asset treasury (DAT) companies that raised money to buy crypto at record levels last year, many of which are now facing losses of more than 30% on their holdings, according to Bitcointreasuries.
Binance also announced it would purchase $1 billion worth of bitcoin late last week, with the funds going to the exchange’s user protection fund.
currently trading at $0.284 after outperforming 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.
