DigitalX Plans $11.1 Million Bitcoin and Ether Sale to Cover Operating Expenses
Cryptocurrency exchange DigitalX plans to liquidate roughly $11.1 million worth of company-held digital assets between Oct. 15 and Dec. 31 to fund operating expenses, including employee payroll. The planned divestment consists of 112 Bitcoin and 800 Ether, evaluated at approximately 15.37 billion South Korean won based on closing market prices on Oct. 11.
This planned liquidation marks the exchange's fourth disposal of treasury holdings this year. DigitalX previously sold about $1.8 million in crypto assets in February, $5.7 million in March, and $1.2 million in June to meet cash requirements. The upcoming trades will be processed through trading platforms Upbit and Bithumb following regulatory advance disclosure requirements set by the Digital Asset eXchange Alliance.
Investors will monitor how the liquidation impacts broader crypto market liquidity heading into year-end. Bitcoin was trading down 1.58% at $82,360, while Ether fell 1.10% to $2,506 following the announcement.
Key points
- DigitalX will sell 112 Bitcoin and 800 Ether valued at around $11.1 million between Oct. 15 and Dec. 31.
- Proceeds from the asset sale will cover company operating costs, including employee labor expenses.
- The divestment marks the fourth time DigitalX has sold company-held crypto assets this year.
- Transactions will be executed via Upbit and Bithumb following advance disclosure guidelines.
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How we writeDisclaimerQuestions and answers
Why is DigitalX selling Bitcoin and Ether?
DigitalX is selling company-held digital assets to generate cash needed for operating expenses, including payroll.
How much cryptocurrency is DigitalX selling?
The company plans to sell 112 Bitcoin and 800 Ether, worth approximately $11.1 million (15.37 billion won).
When will the DigitalX asset sale occur?
The liquidation period is scheduled to run from Oct. 15 through Dec. 31.