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Home» Markets»MicroStrategy will buy more Bitcoin, CFO says

MicroStrategy will buy more Bitcoin, CFO says

rocketman 25 Jan 2022 Markets Comments Off on MicroStrategy will buy more Bitcoin, CFO says 276 Views

  • MicroStrategy CEO Michael Saylor noted the same thing in an earlier interview.

  • The company’s shares have plunged alongside the rout in crypto and stocks, currently trading -35% year-to-date.  

MicroStrategy will buy more Bitcoin and does not plan to sell any from its current haul, according to the US-based software intelligence company’s Chief Financial Officer.

This is the company’s plan for investing in cryptocurrency, and will continue to be the case despite the current market outlook, Phong Le toldWall Street Journal

Bitcoin prices reached highs above $69,000 in November, but they plummeted to $33,000 Monday.

Although the digital asset’s flagship has recovered 8% to $36,750 on the day, sell-off pressure continues even though the US Federal Reserve is looking to raise interest rates and increase geopolitical tensions between Russia/Ukraine.

Investors continue to feel negative about these factors, which is likely to have a cascade effect in the crypto markets.

Despite the bearish outlook for the broader crypto market, MicroStrategy isn’t swaying from its strategy, the CFO added.

“To the extent we have excess cash flows or we find other ways to raise money, we continue to put it into Bitcoin,” Le told the WSJ.

MicroStrategy owns close to 125,000. These bitcoins were bought at an average cost of $30.159.

In addition to increasing its BTC haul the company also plans to invest in the Bitcoin-backed bond marketplace. Le indicated that Le believes that the public-traded company will enter the market in 2023. This would depend on the market’s liquidity.

The diversification is part of the firm’s constant hunt for other investment opportunities that would contribute to the shareholder gains in Bitcoin.

Le’s comments come days after MicroStrategy CEO Michael Saylor said in an interview that the company wasn’t prepared to sell any of its Bitcoin. They also come after the company’s stock fell sharply on Monday.

The decline had pushed the stock’s overall losses since Friday to 30%, aligning it with the bloodbath witnessed in crypto and tech stocks. The stock’s shares are down by 35% over the past year, with similar prospects for other crypto-centric companies.

The recent declines came as it was revealed that the US Securities and Exchange Commission (SEC) had rejected MicroStrategy’s non-GAAP accounting measures. This relates to the company’s decision to adjust for BTC impairment losses, which they said would clearly reflect on the software firm’s finances.

After the SEC’s disapproval, the firm noted it would make necessary revisions in future earnings reports, which should probably reflect in its Q4 earnings results on 1 February.

Bitcoin buy CFO MicroStrategy 2022-01-25
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