The founder and CEO of the Bitcoin-accumulating, business-intelligence software company MicroStrategy, has dispelled rumors that his company has been quietly selling bitcoin.
MicroStrategy Isn’t Selling Bitcoin Stash
Last week, there were rumors that MicroStrategy, which holds a total of 129,218 bitcoins, had begun secretly selling its bitcoin stash, worth over $5 billion at Bitcoin’s current price of $38.5k as of this writing.
Michael Saylor, the CEO of MicroStrategy, explained that his company is regulated by the Securities and Exchange Commission (SEC), and changes in bitcoin holdings must be disclosed to shareholders via SEC filings.
He explained that the changes include acquiring and holding bitcoin, and selling its crypto holdings. He also pointed out that the public records of MicroStrategy are “available to all.”
MicroStrategy Won’t Stop Purchasing Bitcoin
In addition to clarifying that Microstrategy (NASDAQ:MSTR) is in fact not selling its bitcoin, the popular CEO confirmed that the company will continue buying Bitcoin.
Saylor maintains that Bitcoin is a critical hedge against inflation, and the asset has outperformed traditional products like gold and Nasdaq.
On the Flipside
- In confirming that his firm will continue buying Bitcoin, Michael Saylor claimed that investing in MicroStrategy is the closest an investor can get to a Bitcoin spot ETF.
Why You Should Care
Michael Saylor has been an avid proponent of Bitcoin, and his bullish stance has encouraged many institutional investors to get involved in with the leading digital asset.
