MicroStrategy to Continue Buying and HODLing Bitcoin (BTC), Says CFO Phong Le

Source : coinspeaker.com

With over $2 billion invested in Bitcoin in 2021, Phong Le said he is unsure whether the company will make more acquisitions this year than it did in the previous years.

MicroStrategy Incorporated (NASDAQ: MSTR), an American business intelligence and software company known for its aggressive Bitcoin (BTC) accumulation is notably going to continue its acquisition strategy despite the current bearish outlook of the entire digital currency ecosystem. According to Phong Le, the company’s Chief Financial Officer who spoke to The Wall Street Journal, the firm will continue to invest in Bitcoin with its excess cash flow.

Unfazed by the persistent dip in the market thus far this year as well as the call by the US securities regulators to revise its disclosure in future filings as it relates to the digital currency, Phong Le said in a convincing manner that the firm will continually raise funds to divest its portfolio in BTC and Bitcoin-related bonds.

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

The Tysons, Virginia-based company currently HODLs as many as 124,391 bitcoins as of the end of last year according to a Coinspeaker report of its latest purchase. The Bitcoin assets were acquired at an average price of $30,159 per bitcoin, and effectively places the company’s holding in the positive earning territory despite the plunge that has seen Bitcoin sink to its lowest point in more than 6 months earlier this week.

With over $2 billion invested in Bitcoin in 2021, Phong Le said he is unsure whether the company will make more acquisitions this year than it did in the previous years. However, he noted that the company is not ready to sell off its holdings, rather the firm is “constantly looking at other ways to be additive to our shareholders as it relates to bitcoin.”

MicroStrategy Leading the Institutional Bitcoin (BTC) Accumulation Narrative

That Bitcoin is one of the greatest assets in a financial bubble in the world is one of the least criticizing statements that Michael Saylor, the Chief Executive Officer of MicroStrategy has heard from economists and analysts that are anti-crypto. 

Despite the relentless efforts by market observers to talk down the CEO from backing Bitcoin any further, Michael Saylor has grown to believe that the technology underpinning Bitcoin is infallible and that it is only a matter of time before the potential of the coin as a perfect hedge against inflation start reflecting to many people.

Saylor’s convictions are backed by the raising of funds by MicroStrategy through Senior Convertible Notes as well as in the sales of the firm’s shares to buy BTC. With the aggressive accumulation the firm has charted in the past years, MicroStrategy now sits as a key company to watch as institutions look for avenues to tag along with the emerging world of cryptocurrencies and the metaverse at large.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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