Microstrategy (NASDAQ: MSTR) Chairman and CEO Michael Saylor has denied rumors that the company is secretly selling its Bitcoin holdings.
Through his Twitter account, Saylor stressed that Microstrategy, as a public company, is required by law to file all transactions with the Securities Exchange Commission.
Rumors of Microstrategy selling its Bitcoin stash surfaced after an address identified as “1P5ZED” was involved in moving a significant amount of the asset. According to analysts and crypto enthusiasts, the whale was likely Microstrategy, or a cryptocurrency exchange.
In his tweet, Saylor explained that any bitcoin sale would be notified to shareholders. Notably, Saylor has claimed that the company will never sell its Bitcoin holdings.
“I’m not sure who needs to know, but if $MSTR makes a material change to its corporate strategy (acquiring and holding bitcoin) or its bitcoin holdings, we will disclose it to our shareholders via SEC filings available to all.” available,” Saylor said.
Saylor has emerged as a major crypto advocate, leading institutional investment in Bitcoin. Although the asset experiences periods of volatility, Saylor has remained bullish on the asset’s prospects.
Plan to keep collecting bitcoin
As reported by Finbold, Saylor emphasized that the company plans to continue investing in Bitcoin as widespread adoption is imminent. This comes after the SEC recommended that the company change its disclosure in future filings given the high level of volatility.
The company, which is seen as paving the way for institutional investors to get involved in Bitcoin, aims to find revenue streams to accumulate the wealth.
Recently, Microstrategy’s Bitcoin holdings reached nearly 130,000 BTC after spending another $200 million to acquire the asset. The coins were bought from a bitcoin-backed loan.
Saylor’s optimism about bitcoin stems from the executive’s belief that the cryptocurrency can solve some of the inefficiencies in the traditional financial sector.
According to Saylor, bitcoin is an important hedge against inflationary threats as the asset outperforms traditional products like gold and Nasdaq.