MicroStrategy will continue to buy bitcoin this year.

Despite recent downturns, MicroStrategy Chief Financial Officer Phong Le said the company would continue to buy bitcoin.

In an interview with The Wall Street Journal, Le stated that it is unknown whether the business would purchase more bitcoin than it did last year, but that it will continue to do so. According to Securities and Exchange Commission filings, the business possessed roughly 124,391 bitcoins as of December 29, 2021.

Meanwhile, the SEC has requested that MicroStrategy change the way it reveals its bitcoin holdings in future files. The securities regulator wrote to the business, requesting that it better represent bitcoin’s volatility in its reports rather than using accounting techniques that correct for bitcoin impairment losses.

Last September, Le sent a letter claiming that the impairment losses might detract from the company’s overall performance; however, MicroStrategy has since agreed to amend its disclosures, and Le told the Wall Street Journal that he understood the SEC’s position.

Bitcoin fell to levels not seen since July this week, however it has subsequently risen to just than $36,000 at the time of publishing.

Le stated that the company has no intentions to sell its bitcoin holdings and that MicroStrategy is “constantly” searching for new ways to use bitcoin to increase value for its shareholders. In the next years, the company may contemplate purchasing bitcoin-backed bonds. However, according to Le, this will be contingent on the market being more liquid.

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Patrick

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