MicroStrategy doubles down on Bitcoin and pledges to continue BTC accumulation despite market volatility
MicroStrategy has pledged to continue purchasing Bitcoin despite the volatile price fluctuations of the cryptocurrency in recent months.
Monday, MicroStrategy’s Chief Executive Officer Phong Le made this statement while announcing the company’s Q1 financial results. “As you all know, our strategy is to buy and hold Bitcoin,” Le said during the earnings call.
Microstrategy currently possesses 140,000 Bitcoins with a total value of $4.2 billion, or approximately $29,800 per Bitcoin on average. This makes MicroStrategy the largest publicly traded company holding Bitcoin in the world.
In a March filing with the U.S. Securities and Exchange Commission, MicroStrategy disclosed that a portion of the proceeds from a $339.4 million public sale of its shares was used to repay the loan.
Michael Saylor, the current executive chairman of the corporation, has remained optimistic about Bitcoin, stating that it is “100% better than gold.”
According to ‘Saylor Tracker,’ a service that monitors MicroStrategy’s Bitcoin purchases, the company’s Bitcoin reserves are presently worth $203 million less than they were a year ago. However, it remains to be seen if Bitcoin prices can rise enough for these holdings to become profitable, or if the cryptocurrency will continue to fall.
According to data from CoinMarketCap, BTC was trading at $28,762 at press time, an increase of 2.08% over the prior seven days. The day’s trading in the biggest cryptocurrency by market capitalization was very quiet, with just a 0.53% rise.