MicroStrategy Chief Financial Officer Phong Le says the firm will continue to purchase bitcoin despite recent downturns.
In an interview with The Wall Street Journal, Le said it’s unclear if the firm will buy more bitcoin than it did last year year, but it will continue to buy. As of December 29, 2021, the firm held approximately 124,391 bitcoins, according to its filings with the Securities and Exchange Commission.
Meanwhile, the SEC also wants MicroStrategy to amend how it discloses its bitcoin holdings in future filings. The securities watchdog sent letters to the firm asking it to better reflect bitcoin’s volatility in its filings, rather than use accounting practices that adjust for bitcoin impairment losses.
Le penned a letter last September claiming the impairment losses could distract from the company’s overall results, though MicroStrategy has since agreed to revise its disclosures and Le told the Wall Street Journal he understood the SEC’s point of view.
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