Bitcoin price has slumped massively as we move towards February. The largest cryptocurrency was currently under 25% year-to-date and was trading at $36,344, at the time of writing. While many hodlers were unhappy with this turn of events, Institutional holder MicroStrategy planned to continue filling their bags with more BTCs.
Recently, even the CEO of the company Michael Saylor stated that the company’s strategy was “only acquiring and holding Bitcoin.”
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Its Chief Financial Officer Phong Le reportedly stated,
“Our strategy with bitcoin has been to buy and hold, so to the extent, we have excess cash flows or we find other ways to raise money, we continue to put it into bitcoin.”
MicroStrategy holds the most bitcoin on the balance sheet and is followed by other giants like Tesla, Galaxy Digital Holdings, Voyager Digital, Block [formerly known as Square, to include a few others. After its last purchase in December of 1,434 BTC, the company’s total holding stood at 124,391 Bitcoin. As the value of Bitcoin remained close to $35k, the holdings have remained in the black.
Despite the rough period in the market, the CFO noted that MicroStrategy was not going to sell the asset but buy more. It was unclear whether the company will match its purchase from last year, but it was also considering buying bitcoin-backed bonds. The latter was possible only when the market becomes more liquid, which would be possible in the next year or two as per Le.
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He added,
“We’re constantly looking at other ways to be additive to our shareholders as it relates to bitcoin.”
As the global markets have been hit, the company’s stock also noted a 19% decline since Thursday and closed at $370.45 on Monday. MicroStrategy is also scheduled to release its fourth-quarter earnings on 1st February.