- Tokens.com (COIN) has fortified its balance sheet in response to volatile crypto prices
- The company sold a portion of its 2022 staking rewards and divested from non-core Layer-2 holdings in Oasis Rose, ANKR, Mana and SHIB
- Gross proceeds from the sales were approximately C$1.4 million
- Subsidiaries Metaverse Group and Hulk Labs continue to bring in increasing revenue through growth within crypto gaming, metaverse real estate and Web 3.0 eCommerce
- Tokens.com invests in crypto staking, the metaverse and play-to-earn crypto gaming
- Tokens.com (COIN) is down by 10.71 per cent, trading at $0.125 per share
Tokens.com (COIN) has fortified its balance sheet in response to volatile crypto prices.
Responding to the ongoing turmoil caused by the bankruptcy of FTX and BlockFi, the company sold some of its 2022 staking rewards and divested from non-core Layer-2 holdings in Oasis Rose, ANKR, Mana and SHIB. Gross proceeds from the sales were approximately C$1.4 million.
The increased cash position should minimize crypto portfolio volatility as the company continues to focus on holding Layer-1 digital assets, primarily Ethereum and Polkadot.
Tokens.com believes its reinforced balance sheet and inventory of blue chip tokens will enable it to withstand a prolonged crypto winter.
Subsidiaries Metaverse Group and Hulk Labs continue to bring in increasing revenue through growth within crypto gaming, metaverse real estate and Web 3.0 eCommerce.
“The events at FTX and BlockFi have had a negative impact on the crypto space, although the issues there were caused by human negligence, not because of crypto itself,” stated Andrew Kiguel, CEO of Tokens.com. “Despite this, we have made the decision to de-risk our balance sheet by selling some digital assets to boost our cash reserves. While this eliminates some potential upside from holding those tokens, we believe the company is better served by preparing for what could be a prolonged downward cycle for crypto and technology stocks.”
Tokens.com invests in Web 3.0 assets and builds Web 3.0 businesses. The company owns digital assets and operating businesses within crypto staking, the metaverse and play-to-earn crypto gaming.
Tokens.com (COIN) is down by 10.71 per cent, trading at $0.125 per share as of 10:21 am ET.
