NameSilo sold $840k of bitcoin before the crash

Registrar cashed out before market turmoil hit.

NameSilo sold bitcoin before the crash.

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

One domain name company had the good fortune of selling a cache of bitcoin before 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 about $440,000.

The company collected the bitcoin as payments from its domain name registrar customers. In the earlier days of cryptocurrencies, I believe most companies 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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