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Despite losing about $1.3 billion in 2022, MicroStrategy Chief Financial Officer Andrew Kang said the company will continue to trade Bitcoin.inside Fourth Quarter 2022 Financial Results Presentation webnierKang said:
We may consider pursuing additional trades that may take advantage of Bitcoin price volatility or other market turmoil consistent with Bitcoins long-term strategy.
The company’s stance on digital currencies comes at a time when the cryptocurrency market is witnessing a sizeable recovery from last year’s plunge, but it’s not clear if digital currencies will regain their previous highs.
Microstrategy made its first Bitcoin purchase in August 2020, acquiring 21,454 BTC as a Capital Allocation Strategy. The company has been accumulating bitcoin since then, and by December 24, 2022, had his 132,500 BTC worth $4.027 billion. Microstrategy Bitcoin Stats On the Buy Bitcoin Worldwide website.
In a February 2023 presentation, Kang confirmed that Microstrategy holds 132,500 bitcoins worth approximately $1.84 billion as of December 31, 2022.
MicroStrategy lost $34 million last quarter after making its first-ever Bitcoin sale. The company has decided to sell some of its Bitcoin to recoup its tax losses.
Microstrategy co-founder Michael Saylor says Bitcoin is one of the most important benchmarks the company uses to measure stock performance. He said the company’s stock has risen 117% since August 2020, compared to the Bitcoin price, which rose 98% over the same period.
In an interview with a well-known news outlet Thaler said:
Bitcoin is the only truly safe place for institutional investors. Bitcoin is the only globally recognized digital product, and Bitcoin is a safe haven for investors.
