MicroStrategy's bitcoin bet turns negative, triggering $330 million paper loss By Yogita_Khatri5
MicroStrategy has also often said that it will continue to buy bitcoin irrespective of its price moves since it has a long-term bet on the cryptocurrency. Saylor
in an interview late last year that the company has two strategies: the first is to grow its business software business and the second is to"invest our excess cash flows in bitcoin, and we hold it for the long term."Notably, MicroStrategy's bitcoin bets have been funded by more than $2 billion of debt. The company has taken several convertible and secured loans to buy the cryptocurrency.
Most recently, MicroStrategy's subsidiary MacroStrategy, which holds most of its bitcoins, took a bitcoin-collateralized term loan ofSaylor doesn't seem to be concerned with bitcoin's price drop. He earlier this week that MicroStrategy has 115,109 BTC that it can pledge, and even if the price of bitcoin falls below $3,562, the company"could post some other collateral."Elon Musk's Tesla and cash-strapped nation El Salvador also have witnessed losses on their bitcoin bets amid crypto market turbulence.© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only.
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