MicroStrategy CFO says it will continue buying Bitcoin despite market correction

MicroStrategy Inc. plans to continue buying Bitcoin, despite its price drop and regulatory scrutiny. This was stated by Chief Financial Officer Fong Le, according to WSJ.

“Our Bitcoin strategy is Buy&Hold. Therefore, if there are excess cash flows or other ways to raise funds, we continue to invest them in the leading cryptocurrency,” the executive said.

Le did not specify how much BTC the company plans to acquire this year. He did say, however, that MicroStrategy has no plans to sell the digital gold.

MicroStrategy was the first public company to allocate part of its capital to digital gold. In August 2020 the software analytics provider acquired 21,454 BTC (~$250 million at the time of the deal).

As of writing, the firm\’s reserves stood at 124,391 BTC ($4.64 billion at the current rate) or 0.592% of the total supply of the digital gold.

Earlier, the U.S. Securities and Exchange Commission raised concerns about MicroStrategy\’s approach to the valuation of digital assets in its financial reporting.

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