Strategy will keep buying Bitcoin every quarter “forever” despite more than $5 billion in paper losses on its holdings, chairman Michael Saylor said on Tuesday.
The firm spent another $90 million on Bitcoin last week, taking its total stash to about 714,644 BTC worth roughly $49 billion, even as the cryptocurrency trades around $68,829 after a sharp pullback.
“We’re not going to be selling, we’re going to be buying Bitcoin,”
Said Strategy chairman, Michael Saylor, adding that quarterly purchases would continue regardless of market conditions.
Bitcoin has fallen about 45% from its October all-time high, prompting questions about whether Strategy could be forced to sell assets to service debt or meet dividend obligations.
Saylor dismissed those concerns as unfounded, saying the firm holds around 2.5 years of debt and dividend coverage in cash reserves, bolstered by a $1.44 billion USD reserve unveiled in December.
He added that even in a prolonged downturn the company would refinance rather than liquidate Bitcoin, arguing the price would need to collapse far further before that became an issue.
Shares in Strategy, which Saylor has described as “amplified Bitcoin,” were down about 2.7% on Tuesday and are nearly 66% lower over the past six months.
At the time of reporting, Bitcoin price was $68,802.73.