Justin Sun plans to add between $50 and $100 million worth of bitcoins to blockchain holdings, the Tron founder told CoinDesk.
Bitcoin fell as low as $74,674 during Asian morning trading on Monday, its lowest point since last April, and BTC has now lost 21% of its value since January 15.
It would be a shrewd buy compared to the hordes of digital asset treasury (DAT) companies that raised money to buy cryptocurrencies 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 that it would purchase $1 billion worth of bitcoin late last week and that the funds would be allocated to the exchange’s user protection fund.
It is currently trading at $0.284 having outperformed bitcoin in recent months, remains above its December low of $0.27 and, in a macro sense, remains in an upward trend from the end of 2022.
