Bitcoin Hodler Michael Saylor says MicroStrategy will never sell cryptocurrency
Even after Bitcoin price’s recent 40% slide, Michael Saylor says he’ll never back down on pushing MicroStrategy Inc.’s multibillion bet on the world’s largest cryptocurrency. The enterprise software company’s growing pile of Bitcoin has effectively made its shares a proxy for the digital asset. Yet, its founder and chief executive officer remains sanguine when asked if he is tempted to sell in the face of what could be an extended bear market.
“Never. No. We’re not sellers,” the 56-year-old told Emily Chang on Bloomberg Studio 1.0, heeding to the popular hodl, or hold on for dear life, mantra. “We’re only acquiring and holding Bitcoin, right? That’s our strategy.”
Saylor shot the lights out in the summer of 2020 when the company -- based in Tysons Corner, Virgina -- first announced its cash management plan centered around buying Bitcoin. The company’s stock gained more than 900% at one point. But its aggressive stance in continuing to add to its roughly $5 billion Bitcoin stockpile -- tapping equity-linked and debt markets to fund the habit -- has shown diminishing rewards as of late.
Shares of MicroStrategy have underperformed Bitcoin during its selloff as risk appetite wanes. Additionally, the average listed price announced for every Bitcoin purchase since late February has been above current trading levels. However, the company’s total coffers -- roughly 124,391 Bitcoins through the end of December, according to filings -- remains in the black due to early acquisitions.
Saylor said Bitcoin’s slide from nearly $69,000 in November to less than $40,000 this month doesn’t make him nervous about his holdings. In fact, they are a source of “great comfort,” considering rising inflation, he said.
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