https://ift.tt/3fXhwSU will continue to buy more bitcoin despite the market tumble, CFO reveals.

MicroStrategy Inc. plans to continue investing in bitcoin despite recent declines in the value of the cryptocurrency asset and a call by U.S. securities regulators to revise its disclosure in future filings. The Tysons Corner, Va.-based software company, is one of a handful of companies with bitcoin holdings, alongside Tesla and payment company Square, which recently renamed itself Block.

“Our strategy with bitcoin has been to buy and hold.”

“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,” Chief Financial Officer Phong Le said. The company held $2.41 billion of the cryptocurrency as of Sept 30, up from $1.05 billion at the end of 2020. MicroStrategy also said it purchased bitcoins for $2.04 billion in cash for the first nine months of 2021, up from $425 million in the prior-year period.

MicroStrategy purchased bitcoins for $2.04 billion in cash for the first nine months of 2021.

The business intelligence firm held $2.41 billion of the cryptocurrency as of Sept 30, up from $1.05 billion at the end of 2020. MicroStrategy also said it purchased bitcoins for $2.04 billion in cash for the first nine months of 2021, up from $425 million in the prior-year period. MicroStrategy is scheduled to release its fourth-quarter earnings next month. After hitting a seven-month low in the morning, Bitcoin fell to $33,000 on Jan 24—down more than half from its record high of $68,990.90 in November. Market volatility is among the top reasons many CFOs are avoiding putting corporate cash into crypto assets. The lack of defined accounting standards has also spooked them.