MicroStrategy's new CFO says bitcoin strategy remains unchanged amid market decline_ report

MicroStrategy's new CFO says bitcoin strategy remains unchanged amid market decline_ report

Andrew Kang spoke with the Wall Street Journal on Wednesday about MicroStrategy's bitcoin strategy.

MicroStrategy Chief Financial Officer Andrew Kang told The Wall Street Journal on Wednesday that the company's strategy of buying bitcoin (BTC) and holding it for the long term will not change despite the cryptocurrency and general stock market rout.

  • Kang said the company currently has no plans to sell and has not faced pressure from shareholders, according to the report.
  • Kang's comments come after MicroStrategy CEO Michael Saylor has repeatedly reiterated that the company will not sell its bitcoin holdings.
  • MicroStrategy has faced questions recently about its 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 acquisition cost and market value of MicroStrategy's bitcoin were $3.967 billion and $5.893 billion, respectively, representing an average acquisition price per bitcoin of about $30,700 and a market price per bitcoin of $45,602.79. MicroStrategy holds just over 129,000 Bitcoins, according to its latest earnings release.