Registrar cashed out before market turmoil hit.
Like many assets, the value of bitcoin fell precipitously in recent weeks. The value of a bitcoin has fallen in about half.
One domain name company had the good fortune of selling a cache of bitcoin before the market tumbled: NameSilo (OTC: URLOF) sold over 84 bitcoin at USD $9,957.15 each on February 19. That gave it gross proceeds of USD $839,000.
At Friday’s price, it would have only been worth about $440,000.
The company collected the bitcoin as payments from its domain name registrar customers. In the earlier days of cryptocurrencies, I believe most companies that accepted cryptocurrency for payment immediately converted them into cash to offload the risk of price changes. That’s clearly not the case with NameSilo.