Bitfury co-founder Val Vavilov, a Latvian billionaire who built one of the largest Bitcoin (BTC) mining operations over 15 years, said he views the cryptocurrency's more than 50% decline from its October peak as a buying opportunity, though he declined to disclose how much he has purchased.
What Happened: Bitfury Founder Buys Dip
Vavilov, 46, said in comments on WhatsApp that "the fall in Bitcoin is an opportunity to rebalance our portfolio and purchase a certain amount of Bitcoin at a low price."
The remarks came after a market selloff last week that dragged Bitcoin below $67,000 during Asian trading hours on Wednesday, its lowest level since the previous Friday.
The rout has rattled even seasoned market participants. Michael Burry, known for his bet against the U.S. housing market before the 2008 financial crisis, warned that Bitcoin's decline could deepen into a self-reinforcing "death spiral."
Still, Vavilov struck a more measured tone than some of his peers, noting that Bitcoin is "only one component" of his investment portfolio and that his company has long diversified into artificial intelligence and other sectors. Michael Saylor's Strategy Inc. has taken a different approach, purchasing more than $7 billion worth of Bitcoin since the Oct. 10 crash, according to its website.
Also Read: Strategy Won't Stop Buying Bitcoin, Saylor Says
Why It Matters: Diversification Shields Wealth
Bitcoin's volatile start to 2026 wiped out gains made since President Donald Trump's return to the White House, and the broader selloff burned retail investors across the market. Vavilov, however, has been insulated by his expansion beyond crypto mining.
He owns a 12% stake in Cipher Mining Inc., a Nasdaq-listed company spun out of Bitfury in 2021, whose shares have surged roughly 200% over the past year. That rally followed a $3 billion, 10-year deal with Fluidstack, a cloud firm partly backed by Alphabet Inc.'s Google, to build AI data center infrastructure.
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