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MicroStrategy Will Continue Bitcoin Buying Unfazed by Market Plummeting: Report

MicroStrategy Will Continue Bitcoin Buying Unfazed by Market Plummeting: Report

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.

The business intelligence company's strategy is to "buy and hold," CFO Phong Le said.

The business intelligence company's strategy is to "buy and hold," CFO Phong Le said.

By Jamie Crawley
AccessTimeIconJan 25, 2022, 11:47 AM
Updated May 11, 2023, 7:16 PM
MicroStrategy CFO Phong Le (MicroStrategy, modified by CoinDesk)
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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.

STORY CONTINUES BELOW

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UPDATE (Jan. 25, 11:54 UTC): Changes photograph.

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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