MicroStrategy has no plans to sell its Bitcoin (BTC) 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 and 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.”
MicroStrategy has purchased a total of 129,218 Bitcoin for about $3.97 billion, equaling an average price of around $30,700 per BTC, according to Michael Saylor, the company’s chief executive.
Bitcoin is trading for $30,019 at time of writing, making MicroStrategy’s current holdings worth nearly $3.88 billion. BTC is up more than 3% in the past 24 hours.
Kang says 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.”
Saylor, meanwhile, continues to publicly extoll the virtues of BTC.
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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
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