Bitfury co-founder **Val Vavilov** is a Latvian billionaire who has built one of the largest Bitcoin (BTC) mining businesses over 15 years, and he stated that he sees the current situation, where prices have dropped more than 50% from the October peak, as a buying opportunity. However, he did not disclose exactly how much he bought.
What happened: The co-founder of Bitfury made a low-price purchase
At 46 years old, Vavilov said in a statement via WhatsApp, 'The drop in Bitcoin is an opportunity to rebalance our portfolio and buy a certain amount of Bitcoin at a lower price.'
This statement came just after Bitcoin fell below $67,000 during Wednesday's Asian trading hours following last week's market crash. This is the lowest level since the previous Friday.
This sharp decline has shaken even seasoned market participants. **Michael Burry**, famous for his short bets against the U.S. housing market before the 2008 financial crisis, warned that the drop in Bitcoin could lead to a self-reinforcing "death spiral."
Nevertheless, Babylov has displayed a more cautious attitude than his peers. He emphasized that Bitcoin is "just one component" of his investment portfolio and explained that his company has been diversifying into artificial intelligence (AI) and other sectors for a long time. In contrast, **Michael Saylor**'s **Strategy Inc.** took a different path, reportedly buying over $7 billion in Bitcoin since the crash on October 10th, according to their website.
Also Read: Strategy Won't Stop Buying Bitcoin, Saylor Says
Why it matters: Diversification protects assets
The volatility of Bitcoin in early 2026 erased profits accumulated after **Donald Trump's** return to the White House, and widespread selling resulted in significant losses for individual investors. However, Babylov was able to defend himself to a considerable extent thanks to expanding his business beyond cryptocurrency mining.
He holds a 12% stake in Cipher Mining Inc., which went public on the **Nasdaq** after spinning off from Bitfury in 2021, and the company's stock has surged about 200% over the past year. This rally followed a $3 billion, 10-year AI data center infrastructure construction contract signed with Fluidstack, a cloud company partially owned by Alphabet Inc.'s Google.
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