Andrew Kang spoke to the Wall Street Journal Wednesday regarding MicroStrategy’s bitcoin strategy.Read MoreFeedzy
MicroStrategy Chief Financial Officer Andrew Kang told the Wall Street Journal on Wednesday that the company’s strategy to buy and hold bitcoin (BTC) for the long term won’t change despite the crypto and broader stock market rout.
Kang said the company has no intention to sell right now, and hasn’t faced pressure from shareholders, according to the report.
Comments from Kang come after MicroStrategy’s CEO Michael Saylor has consistently reiterated that the company won’t be selling its bitcoin holdings.
MicroStrategy has faced questions recently around its term loan from Silvergate, and whether the company would face a margin call if bitcoin fell to a certain level.
As of March 31, the original cost basis and market value of MicroStrategy’s bitcoin were $3.967 billion and $5.893 billion, respectively, reflecting an average cost per bitcoin of about $30,700 and a market price per bitcoin of $45,602.79, respectively. MicroStrategy holds just over 129,000 bitcoins, according to its latest earnings release.
Shares of publicly-traded MicroStrategy (MSTR) have fallen about 63% this year while bitcoin (BTC) has fallen about 36% during the same period.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Bitcoin's relative strength index has fallen below 30, signaling oversold conditions as the cryptocurrency trades…
‘The Big Short’ investor Michael Burry has issued a stark warning to the markets. He…
The flows are indicative of a growing split in how investors are positioning across major…
Leveraged anti-strategy ETFs are booming as shares in the bitcoin holder slide.Read MoreCoinDesk: Bitcoin, Ethereum,…
ARK Invest CEO Cathie Wood said she would “make a shift from gold into Bitcoin”…
Tokenized silver futures logged one of the largest wipeouts across crypto markets, overtaking the usual…