MicroStrategy CEO won’t sell $5B BTC stash despite crypto winter
Despite a 40% drop in the value of Bitcoin (BTC), MicroStrategy’s Michael Saylor has no intention of selling his firm’s $5-billion stash.
Even if BTC suffers a lengthy bear market, Saylor told Bloomberg that he is a “Bitcoin bull” and does not intend to alter MicroStrategy’s multi-billion-dollar BTC acquisition plan. He took a firm stance against cashing out BTC:
This current crypto winter doesn't have Michael Saylor feeling all that cold. He tells @emilychangtv why in Studio 1.0 https://t.co/EsUlY5sscN pic.twitter.com/zWStdl5qsF
MicroStrategy became the first publicly listed corporation in the United States to acquire and hold Bitcoin as part of its balance sheet in August 2020. Since then, the business software manufacturer has amassed about 124,391 BTC worth about $5.2 billion at current market prices.
Due to the large portion of its balance sheet being taken up by cryptocurrency, the company’s shares have turned into a means to get exposure to the “digital gold.” After announcing its venture into BTC, MicroStrategy’s stock skyrocketed 900% at one time; however, recently, its collateral has gone into a tailspin after being exposed to excessive buying events financed in part with borrowed funds.
Since August 2020, MicroStrategy has continuously boosted its Bitcoin position, keeping its promise to purchase even more of the major digital currency. Late last year, MicroStrategy bought 1,914 BTC between Dec. 9 and Dec. 29 for $94.2 million, bringing its total to 124,391 BTC.
Related: Billionaire investor Bill Miller puts 50% of net worth in Bitcoin
Despite the recent market sell-off, Saylor still considers BTC one of the best inflation hedges and alternatives for stock buyback events. He dismissed any concerns about the
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