Despite the current downturn in the cryptocurrency market, MicroStrategy will continue to buy bitcoin (BTC). Despite the present bear market, MicroStrategy CFO Phong Le noted 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.
Lee explained that with bitcoin, their strategy has always been to buy and hold, to the extent that they have excess cash flow or find other ways to raise money, they still continue to put it into bitcoin.
Le’s statement echoed that of MicroStrategy CEO Michael Saylor, who said earlier this year that the company will not sell its bitcoin regardless of market conditions.
While Le did not say if MicroStrategy will buy more bitcoin this year than it did last year, he did say the company had no plans to sell any of the bitcoin it had acquired.
According to Le, if the bitcoin market gets more liquid, which might happen in the next year or two, the US-based software giant is considering buying bitcoin-backed bonds.
“We’re constantly looking at other ways to be additive to our shareholders as it relates to bitcoin.”
MicroStrategy, a renowned publicly traded business intelligence organization, is one of the corporations with significant bitcoin holdings, alongside Tesla and Block Inc.
MicroStrategy has continued to acquire bitcoin after announcing its plan to transfer its excess cash reserve to the emerging asset class.
MicroStrategy has already amassed 124,391 BTC, making it the world’s largest corporate bitcoin holder.
MicroStrategy’s bitcoin holdings have lost a significant amount of value since the cryptocurrency peaked at an all-time high (ATH) of $69,044 in November, according to the company’s fourth-quarter financial report, which will be released on February 1.
With bitcoin trading at $36,386, MicroStrategy’s bitcoin holdings are now worth $4.53 billion, meaning that the firm has lost a massive $4 billion in profit as a result of the negative market.