The 46-year-old Latvian billionaire, who built Bitfury into a major industry player over 15 years by developing Bitcoin mining hardware, confirmed he bought Bitcoin during the recent price drop, according to Bloomberg News.

"For us, the Bitcoin downturn is an opportunity to rebalance our portfolio and acquire a certain amount of Bitcoin at a lower price," Vavilov said in comments via WhatsApp, although he did not disclose the specific amounts he purchased.

Bitcoin fell below $67,000 during the Asian trading session on Wednesday, reaching its lowest level since Friday's market selloff. The cryptocurrency has fallen more than 50% from its October peak, leading to significant losses for retail investors and raising concerns among longtime supporters.

While Michael Burry, known for his successful bet against the US housing market before the 2008 financial crisis, warned that Bitcoin's decline could deepen into a "death spiral," some data suggests that large cryptocurrency holders may be buying again.

Vavilov takes a more balanced approach to market volatility compared to other crypto company executives, who remain resolutely bullish on growth during downturns.

"We believe in Bitcoin and its growth, and we hold some of our assets in Bitcoin, but it's only one component of our investment portfolio," he explained, noting that his company has diversified into artificial intelligence and other sectors in recent years.

Other industry figures, such as MicroStrategy's Michael Saylor, have been more aggressive during the downturn: his company has acquired over $7 billion worth of Bitcoin since the October 10 crash, according to the company's data.