- The source stated that Bitfinex holds a portion of its trading fee earnings in Bitcoin, and that this is a long-term commitment to Bitcoin, the world’s first and largest cryptocurrency.
- Ardoino said, “Bitfinex reinvests in Bitcoin technology” and added, “This is not limited to just buying Bitcoin.”
- Bitfinex’s sister company and stablecoin issuer Tether is reported to be the 11th largest holder of Bitcoin in the world, according to COINOTAG last month.
According to sources familiar with the matter, Bitfinex exchange is investing a portion of its transaction fees in Bitcoin.
Bitfinex Exchange Makes Bitcoin Investment
A source familiar with Bitfinex’s information said that Bitfinex holds Bitcoin in its balance sheet. The source stated that Bitfinex holds a portion of its trading fee earnings in Bitcoin, and that this is a long-term commitment to Bitcoin, the world’s first and largest cryptocurrency. However, they refrained from commenting on specific figures.
Bitfinex CTO Paolo Ardoino tweeted on Sunday that crypto exchanges should reinvest a portion of their profits in Bitcoin, stating that they greatly benefit from Bitcoin.
This is also what Bitfinex does; by supporting Bitcoin Layer 2 networks – Lightning Network and Liquid Network – and developing on the RGB protocol that allows for cheaper and more private transactions, it facilitates token issuance on Bitcoin. Ardoino said, “Bitfinex reinvests in Bitcoin technology” and added, “This is not limited to just buying Bitcoin.”
Bitfinex’s sister company Tether is the 11th largest holder of Bitcoin in the world
The news that Bitfinex holds Bitcoin in its balance sheet had not been previously reported. Meanwhile, Bitfinex’s sister company and stablecoin issuer Tether is reported to be the 11th largest holder of Bitcoin in the world, according to COINOTAG last month. Tether disclosed its Bitcoin holdings in the first quarter, stating that it would move away from the US government’s debt as it shifts its reserves to crypto. The stablecoin issuer currently holds approximately $1.6 billion worth of Bitcoin.
Bitfinex and Tether are among several companies that hold Bitcoin in their balance sheets. Other such companies include MicroStrategy, Tesla, and Square. Bitcoin is currently trading around $25,880 according to data.
