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MicroStrategy Will Continue Bitcoin Buying Unfazed by Market Plummeting: Report
The business intelligence company's strategy is to "buy and hold," CFO Phong Le said.
Updated May 11, 2023, 7:16 p.m. Published Jan 25, 2022, 11:47 a.m.
Bitcoin-accumulating software company MicroStrategy will continue investing in the cryptocurrency despite the recent slide in the asset's value, the company's chief financial officer said.
- The business intelligence company's strategy is to "buy and hold," Phong Le said, according to a report in the Wall Street Journal on Tuesday.
- CEO Michael Saylor has made bitcoin acquisition a key goal for the company. As of the end of 2021, MicroStrategy held around 124,391 bitcoin, which it had purchased at an average price of $30,159.
- The crypto market has lost $1.3 trillion in value in the last two months, with bitcoin sinking as low as $33,000 on Monday.
- “Our strategy with bitcoin has been to buy and hold, so to the extent we have excess cash flows or we find other ways to raise money, we continue to put it into bitcoin,” Phong Le said.
Read more: SEC Objects to MicroStrategy’s Accounting Adjustment for Its Bitcoin Holdings
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UPDATE (Jan. 25, 11:54 UTC): Changes photograph.
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