- NexTech Solutions (NTAR) has sold its Bitcoin ownership of approximately 130.187 Bitcoins
- The company announced a profit of approximately C$200,000
- NexTech’s initial investment in the cryptocurrency was part of a capital diversification strategy
- The company believes “something potentially has changed with Bitcoin”
- Shares of NexTech Solutions are unchanged on the day and are trading at C$0.020 at 2:35 p.m. EST
NexTech Solutions (NTAR) has sold its Bitcoin ownership of approximately 130.187 Bitcoins.
The Vancouver-based company announced a profit of approximately C$200-thousand.
The company said the time was right to divest itself of the cryptocurrency.
NexTech CEO Evan Gappelberg said the company’s investment in Bitcoin in the past was part of its capital diversification strategy with the intent to maximize long-term value for our shareholders.
“This sale reflects our awareness that something potentially has changed with Bitcoin which is seen as the digital version of gold. The news that has emerged is that a critical flaw called a ‘double spend’ may have occurred, which if true allows someone to spend the same Bitcoin twice, undermining faith in the system. If the system is built on scarcity and faith in the system, then a ‘double spend’ would eliminate both -essentially destroying the store of value it was meant to be. In light of this potential outcome, I have decided to move to cash as this story is still unfolding,” Gappelberg said.
The company is a provider of virtual and augmented reality (AR) experience technologies and services for 3D/AR advertising, eCommerce, education, conferences and events.
NexTech recently added a fifth member to its board of directors.
Having this fifth board member allows the company to meet one of the NASDAQ requirements to qualify for its uplisting, which is in progress.
Shares of NexTech Solutions are unchanged on the day and are trading at C$0.020 at 2:35 p.m. EST.