Bruce M. Rodgers, Chairman and CEO of LM Funding, stated, “We are currently executing on all fronts with 26.8 Bitcoin mined in February alone, bringing our total Bitcoin to over 150 as of the end of February. In addition, the price of Bitcoin has continued to appreciate, as we had anticipated, in advance of the next halving event. In fact, the value of our Bitcoin held at the end of February was over $10.4 million dollars based on an estimated March 8, 2024 BTC price of $68,000, or approximately $4.28 per share after giving effect to our previously announced 1-for-6 reverse stock split that will become effective on March 12, 2024. Given the strength of our balance sheet, we have not had the need to sell any of our Bitcoin holdings to fund our operations. As a result, we believe our buy-and-hold approach, coupled with our infrastructure-light strategy, could continue to drive significant value for shareholders over the coming months as we deploy more Bitmain S21 Antminer machines and increase our deployed Hash Rate.” The Company estimates the value of its 153.6 Bitcoin holdings as of February 29, 2024 was approximately $10.4 million as of March 8, 2024, based on an estimated March 8, 2024, BTC price of $68,000.
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Read More on LMFA:
- LM Funding America Announces Reverse Stock Split
- LM Funding Announces 1-for-6 Reverse Stock Split to Ensure Compliance with Nasdaq Continued Listing Requirements and to Attract a Broader Audience of Investors
- LM Funding announces 1-for-6 reverse stock split
- LM Funding America, Inc. Provides Monthly Operational and Bitcoin Mining Update for Month Ended January 31, 2024
- LM Funding mined 31.7 bitcoin in January
