MicroStrategy approach to bitcoin won't alter despite market slump, CFO says: WSJ

Even as the cryptocurrency market undergoes hefty drawdowns, MicroStrategy's (NASDAQ:MSTR) approach to buying and hodling bitcoin (BTC-USD) won't change, Andrew Kang, the company's new CFO, told the Wall Street Journal Wednesday. For some context, the business analytics software provider has acquired a total of 129,218 bitcoins (BTC-USD) at an average price of $30.7K, reflecting an original cost basis of $3.97B, as of May 2, the WSJ noted. Over the past 24 hours, bitcoin is rising around 3% to $29.8K but still off more than 50% from its all-time high in Nov. 2021 amid macro headwinds such as rising interest rates and tighter monetary policy. Likewise, shares of MSTR, which can be viewed as a levered proxy to bitcoin (BTC-USD), is jumping nearly 8% intraday, though down a whopping 70% over the past six months. “At this time, we do not have any intention to sell,” Andrew, who joined MSTR on May 9, emphasized to the WSJ. “There are no scenarios that