MicroStrategy CFO Phong Le said the company will continue to buy bitcoin despite recent downturns.
In an interview with The Wall Street Journal, Le said it was unclear if the company would buy more bitcoin than last year, but it would continue to buy more. As of December 29, 2021, the company held approximately 124,391 bitcoins, according to its filings with the Securities and Exchange Commission.
Meanwhile, the SEC also wants MicroStrategy to change how it discloses its bitcoin holdings in future filings. The securities watchdog has sent letters to the company asking it to better reflect bitcoin’s volatility in its filings, rather than using accounting practices that adjust for bitcoin’s declines in value.
Le wrote a letter last September saying the impairments could distract from the company’s overall results, though MicroStrategy has since agreed to revise its disclosures and Le told The Wall Street Journal that he understands the view of the SEC.
Bitcoin hit lows not seen since July this week, despite surging to over $36,000 at press time.
Le said the company has no plans to sell its holdings and that MicroStrategy is “constantly” looking for other ways to use bitcoin to add shareholder value. The company plans to buy bonds backed by bitcoins in the next few years. However, this will depend on market liquidity, according to Le.
MicroStrategy will release its fourth quarter results on February 1.