https://ift.tt/3KHPXv6 Will Continue to Put Money Into Bitcoin Despite Drop Says CFO

Despite the recent crypto market decline, MicroStrategy will not stop purchasing more bitcoin (BTC). Phong Le, MicroStrategy CFO, said in a Wall Street Journal report today that the company’s position has always been to convert its excess cash reserve into the world’s largest cryptocurrency and it will not stop despite the current bear market. 

“Our strategy with bitcoin has been to buy and hold, so to the extent we have excess cash flow or we find other ways to raise money, we continue to put it into bitcoin,” Le said. 

Le’s comment echoed that of Michael Saylor, MicroStrategy CEO, who stated earlier this year that the firm will not sell its bitcoin irrespective of market conditions. 

While Le did not indicate whether MicroStrategy would buy more bitcoin this year than it did the previous year, he said the company had no intention of selling any of its acquired BTC. 

According to Le, the U.S.-based software company is currently considering buying bitcoin-backed bonds if the market becomes more liquid, which could happen in the next year or two, adding: 

“We’re constantly looking at other ways to be additive to our shareholders as it relates to bitcoin.” 

MicroStrategy’s Bitcoin Purchase Spree

Alongside Tesla and Block Inc., MicroStrategy, a leading publicly-traded business intelligence firm, is one of the companies that has a substantial number of bitcoin holdings. Since MicroStrategy made public its intention to convert its excess cash reserve to bitcoin, the company has not slowed down in acquiring the nascent asset class. 

MicroStrategy’s acquisition of 124,391 BTC so far has made it the largest corporate bitcoin holder in the world. 

Long-term Conviction

MicroStrategy, which is preparing to release its fourth-quarter financial report on February 1, has seen a substantial value of its bitcoin holding evaporate since the cryptocurrency peaked at an all-time high (ATH) of $69,044 in November. 

With bitcoin currently changing hands at $36,386, MicroStrategy bitcoin stash is currently worth $4.53 billion, implying that the firm lost a whopping $4 billion in profit due to the bearish market.