MicroStrategy’s New CFO Says Bitcoin Strategy Unchanged Amid Market Drop: Report

Andrew Kang spoke to The Wall Street Journal Wednesday regarding MicroStrategy's bitcoin strategy.

AccessTimeIconMay 19, 2022 at 1:54 p.m. UTC
Updated May 11, 2023 at 5:37 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

MicroStrategy (MSTR) Chief Financial Officer Andrew Kang told The Wall Street Journal on Wednesday that the company’s strategy to buy and hold bitcoin (BTC) for the long term won’t change despite the crypto and broader stock market rout.

  • Kang said the company has no intention to sell right now and hasn’t faced pressure from shareholders, according to the report.
  • Comments from Kang come after MicroStrategy’s CEO Michael Saylor has consistently reiterated that the company won’t be selling its bitcoin holdings.
  • MicroStrategy has faced questions recently around its term loan from Silvergate, and whether the company would face a margin call if bitcoin fell to a certain level.
  • As of March 31, the original cost basis and market value of MicroStrategy’s bitcoins were $3.97 billion and $5.89 billion, respectively, reflecting an average cost per bitcoin of about $30,700 and a market price per bitcoin of $45,602.79, respectively. MicroStrategy holds just over 129,000 bitcoins, according to its latest earnings release.
  • Shares of MicroStrategy have fallen about 63% this year while bitcoin has fallen about 36% during the same period.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.


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.