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MicroStrategy’s New CFO Says Bitcoin Strategy Unchanged Amid Market Drop: Report
Andrew Kang spoke to The Wall Street Journal Wednesday regarding MicroStrategy's bitcoin strategy.
Updated May 11, 2023, 5:37 p.m. Published May 19, 2022, 1:54 p.m.
MicroStrategy (MSTR) Chief Financial Officer Andrew Kang told The Wall Street Journal on Wednesday that the company’s strategy to buy and hold bitcoin 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.
In a global bear market, there is no place to hide, but there is one place to stand. #Bitcoin
— Michael Saylor⚡️ (@saylor) May 19, 2022
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- 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 bitcoins were $3.97 billion and $5.89 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 MicroStrategy have fallen about 63% this year while bitcoin has fallen about 36% during the same period.
Read more: Michael Saylor Suggests MicroStrategy Will Never Sell Its Bitcoin
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