MicroStrategy has been accumulating Bitcoin for a while now, and it seems that the company is not planning on selling it. Check out the latest reports about all this below.
MicroStrategy will not sell its BTC
MicroStrategy has no plans to sell its Bitcoin (BTC). It’s important to note the fact that this is happening despite BTC’s bearish price action across the past six months, according to the company’s chief financial officer.
MicroStrategy CFO Andrew Kang tells the Wall Street Journal that MicroStrategy’s shareholders are “aligned” with the company’s strategy. More than that, they haven’t pressured it to sell its BTC holdings.
“At this time, we do not have any intention to sell. There are no scenarios that I’m aware [in which] we would sell.”
According to the official reports, MicroStrategy has purchased a total of 129,218 Bitcoin for about $3.97 billion. This is equaling an average price of around $30,700 per BTC, according to Michael Saylor, the company’s chief executive.
Bitcoin is trading for $29,319 at the time of writing. This is making MicroStrategy’s current holdings worth nearly $3.9 billion.
Kang said that the company doesn’t plan to change course just because of the recent crypto price downtick, which has seen Bitcoin fall substantially from all-time highs, along with the rest of the crypto markets.
“Some of the more recent volatility was certainly around some of the activity outside of Bitcoin. For us, we monitor that from a market perspective, but there [isn’t] anything fundamental to bitcoin that we believe presents any issues against our strategy.”
Here’s what Michael Saylor says about all this.
In a global bear market, there is no place to hide, but there is one place to stand. #Bitcoin
— Michael Saylor⚡️ (@saylor) May 19, 2022
Stay tuned for more news and make sure to keep your eyes on the crypto market.