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MicroStrategy is known as the top publicly listed company with the largest Bitcoin holdings. The business intelligence software firm reiterated its crypto strategy and will continue investing in BTC despite recent declines in the crypto’s price.
“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 Chief Financial Officer Phong Le said, according to a report in the Wall Street Journal on Thursday. The company is one of the first firms to hold crypto in its balance sheet and has, since then, been making Bitcoin acquisitions.
In a regulatory filing with the Securities and Exchange Commission in December, MicroStrategy announced that it has purchased approximately 1,914 BTC between December 9 and December 29. “As of December 29, 2021, the Company held approximately 124,391 bitcoins that were acquired at an aggregate purchase price of $3.75 billion and an average purchase price of approximately $30,159 per bitcoin, inclusive of fees and expenses,” the company said.
The crypto market has declined since the start of 2022 with Bitcoin trading at $36,418.66 at the time of writing based on CoinMarketCap data. This means that BTC is now around 45 percent lower than the all-time high of almost $69,000 set in November.
Despite the decline, the company will continue buying Bitcoin this year. “We’re constantly looking at other ways to be additive to our shareholders as it relates to bitcoin,” Le said.
However, the Securities and Exchange Commission wants MicroStrategy to revise the way it discloses its bitcoin holdings in future filings with the regulator. “We object to your adjustment for bitcoin impairment charges in your non-GAAP measures,” the SEC wrote in a Dec. 3 letter.
Mr. Le previously argued in an October letter to the SEC that the inclusion of impairment losses could distract investors’ analysis of the firm’s operating results. However, the company said on December 16 that it will revise its disclosures accordingly. “Accounting is black and white, but disclosures tend to be gray,” Mr. Le explained.
