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.
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.
UPDATE (Jan. 25, 11:54 UTC): Changes photograph.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.