Raymond James raises Fulgent Genetics stock price target to $36 on strong performance
Investing.com -- MicroStrategy’s Bitcoin chairman Michael Saylor denied selling Bitcoin and stated the company is accelerating its purchases of the cryptocurrency, following reports that its holdings had decreased.
Crypto intelligence firm Arkham released data on Friday indicating that MicroStrategy’s Bitcoin holdings had fallen to 437,000 coins from 484,000 previously, representing a reduction of approximately 47,000 coins.
Speaking on CNBC, Saylor directly refuted any selling, stating, "We are buying, we’ll report our next buys on Monday morning." He added that the company is "accelerating our purchases" of Bitcoin.
The MicroStrategy chairman expressed confidence in the current market conditions, saying, "We’ve put in a very strong base around here" in Bitcoin and "I’m fairly comfortable at this level." He also noted that the company’s debt is "4.5 years out."
Saylor expects Bitcoin to "rally from here," according to his comments on the financial news network.
Earlier on Friday, Saylor posted "HODL" on social media platform X, alongside an image appearing to show him escaping a sinking ship. HODL is a popular term in cryptocurrency communities that stands for "Hold On for Dear Life," suggesting a strategy of maintaining cryptocurrency positions despite market volatility.
As of Friday, MicroStrategy’s dashboard showed total Bitcoin holdings of 641,692 coins, the same as Monday’s disclosure. The company reported acquiring these coins for an aggregate purchase price of $47.54 billion at an average price of $74,079 per Bitcoin. However, it remains unclear how frequently this dashboard is updated.
Emails sent to MicroStrategy requesting clarification about the apparent discrepancy in Bitcoin holdings have not been answered.
Meanwhile, Bitcoin traded below $95,000 on Friday for the first time in over six months. The cryptocurrency has faced downward pressure along with other risky assets as expectations for a December interest rate cut from the U.S. Federal Reserve have diminished. A growing number of Fed policymakers have signaled reluctance toward further monetary easing.
(Garrett Cook and Vlad Schepkov contributed to this article)