Chairman and CEO Michael Saylor of Microstrategy (NASDAQ: MSTR) has denied reports that the business is secretly selling its Bitcoin holdings.
Will he sell his company’s holdings?
After a large sum of Bitcoin was moved through an address named “1P5ZED,” reports of Microstrategy selling its Bitcoin stock surfaced.
According to analysts and crypto enthusiasts, the whale was most likely Microstrategy or a cryptocurrency exchange.
Any Bitcoin sale would be reported to shareholders, according to Saylor’s tweet. It’s worth noting that Saylor has stated that the company’s Bitcoin holdings will never be sold.
Despite the asset’s volatility, Saylor is hopeful about its long-term prospects.
Saylor has risen to prominence as a leading proponent of cryptocurrency and a driving force behind institutional Bitcoin investment.
“Will invest more”
Microstrategy, as a publicly traded firm, is required by law to file any transactions with the Securities Exchange Commission, according to Saylor’s Twitter account.
According to Finbold, Saylor stated that the corporation intends to continue investing in Bitcoin with the expectation of widespread acceptance.
The company has changed its disclosure in future filings in response to the SEC’s advice that it does so due to high volatility.
The company, which is largely seen as paving the way for institutional investors to invest in Bitcoin, is seeking new ways to earn revenue in order to build up its Bitcoin holdings.
After investing an additional $200 million in Bitcoin, Microstrategy has boosted its holdings to almost 130,000 BTC.
The coins were purchased via a Bitcoin-backed loan.
Saylor’s enthusiasm for Bitcoin originates from his idea that it can help to eliminate some of the inefficiencies in the traditional banking system.
Bitcoin, according to Saylor, is a vital hedge against inflation risks, beating traditional assets like gold and the Nasdaq.
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Source: https://www.thecoinrepublic.com/2022/04/27/not-selling-any-bitcoin-microstrategy-ceo-denied-the-rumor/