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Tezos Foundation Sold Over 8,000 BTC ($50M) In 2019; Reinvested in XTZ and Other Asse

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The latest biannual report by Tezos Foundation, reveals the company sold over 8,000 BTC over the course of 2019. According to the report, the Foundation held assets worth $635 million as of January 31, 2020, a small drop from $652 million held in July 2019. Bitcoin (BTC) still represents the largest share of assets held by the foundation, Tezos (XTZ) a far off second in value held.

Tezos foundation sells 7,900 BTC across 2019

As mentioned before, BTC is the largest asset in the Foundation’s portfolio, with a dominating 47% equating to a total of 31,800 BTC at a spot price of $9,400 USD as of Jan. 31. This, however, is a sharp drop from the 63% held in Tezos’ portfolio on July 31, 2019, equating to roughly $397.7 million worth of Bitcoin held, or 39,700 BTC, at a spot price of $10,000 USD.

The huge selloff by the exchange across the latter part of the year amounts to roughly 7,900 BTC, which as at the time of writing totals to $50.95 million USD.

The foundation holds 23% of its $635 million chest in Tezos (XTZ) increasing its dominance in the portfolio from the 15% held in July 2019. The Foundation explicitly said in the report that they are not planning to sell the token. XTZ started the year brightly trading at 18-month highs of $3.80 USD but has since dipped to $1.62 at the time of writing.

Other assets owned

The Foundation has spread the rest of the amount in a diversified portfolio including traditional financial assets and other alternative assets. Furthermore, the Tezos Foundation has allocated 16% of the total amount to a stability fund that invests in conservative investments. The report reads,

“TF HOLDS A CONSERVATIVE AND DIVERSIFIED PORTFOLIO WITH LIQUID ASSETS SUCH AS BONDS, ETFS AND COMMODITIES AT SWISS BANKS.”
Tezos Foundation ups and downs so far in 2020

The Foundation has been a key figure in the global adoption of blockchain technology recently offering a $37 million USD grant for the development of Tezos ecosystem. According to the biannual report released on March 19, the Foundation had approved and disbursed funding to 78 of the 200 applicants of the grant.

However, the legal battles facing Foundation on the manner they carried out their fundraising, dragged on into 2020, leaving them with one choice. The double lawsuit filed against the Foundation claiming “XTZ was offered as a security” is now settled after a $25 million payout. A statement released by Tezos’ on Friday reads,

“THE TEZOS FOUNDATION CHOSE TO SETTLE ALL CLAIMS BECAUSE THE TEZOS FOUNDATION BELIEVES IT IS IN THE BEST INTEREST OF THE TEZOS PROJECT AND COMMUNITY AS A WHOLE. THE FOUNDATION CONTINUES TO BELIEVE THE LAWSUITS WERE MERITLESS AND CONTINUES TO DENY ANY WRONGDOING.”
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