The Lisk Foundation, a non-profit organization that supports the development of the Lisk blockchain platform, has announced that it will convert 1,000 Bitcoins to ETH in the next 10 weeks.
Lisk Foundation Announces It Will Sell 1000 Bitcoins
The organization plans to sell 100 BTC every week and use the proceeds to buy ETH.
The Lisk Foundation is exchanging 1000 BTC into ETH over the next 10 weeks and will hold onto them as part of its long-term treasury.
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The 1000 BTC are being sold in chunks of 100 BTC per week to reduce risks with associated…
— Max Kordek (@maxkordek) May 11, 2023
According to a statement from the Lisk Foundation, the decision to convert BTC to ETH is based on the fact that Ethereum is the world's largest blockchain platform and ETH's second largest cryptocurrency by market cap.
The organization believes that ETH has the potential to generate sustainable long-term gains and that this move will diversify its portfolio.
The Lisk Foundation has a significant amount of BTC that it has accumulated over the years through donations and investments. However, the organization believes it is necessary to diversify its holdings to manage risk and increase its exposure to other promising cryptocurrencies.
The decision to sell 100 BTC every week for the next 10 weeks is a calculated approach to managing market volatility and minimizing the impact on the cryptocurrency market.
The Lisk Foundation plans to sell BTC on different exchanges to avoid creating sudden movements in the market that could negatively affect the value of BTC.
The Lisk Foundation stated that it depends on the long-term success of the Lisk blockchain platform and that the decision to convert BTC to ETH does not indicate a change in its commitment.
All in all, Lisk Foundation's decision to convert 1,000 BTC to ETH over the next 10 weeks and sell 100 BTC each week is a calculated move to diversify its holdings and manage risk.
The organization believes that ETH has the potential to generate sustainable long-term gains and that this move will increase its exposure to other promising cryptocurrencies.
*Not investment advice.