MicroStrategy, an American business intelligence company, has suffered another quarter-end loss following the calculation of its Bitcoin portfolio’s value.
According to Bloomberg ReportMicroStrategy reported a loss of $249.7 millions, which was reduced to $21.93 per share in Q4 2022. The revenue of the firm fell by 1.5% to $132.6million, which was lower than the expected drop.
MicroStrategy Records $198M Impairment Charge
In the fourth quarter, the Virginia-based company had to incur an impairment charge of $197.6 millions on its BTC holdings. This is a significant increase in value Higher than The impairment of $727,000 was incurred in quarter previous.
According to CryptoPotatoMicroStrategy revealed that bitcoin’s stable valuation in Q3 was a contributing factor to the minimal impairment. MicroStrategy also bought 301 bitcoins more between July and Oct last year, bringing its total to 130,000 BTC.
The business intelligence company had reached the end of the fourth quarter. amassed It has accumulated 132,500 bitcoins and is still committed to its goal of accumulating this crypto asset. Although the company Some were sold It paid 704 BTC for its first tax bill. However, it ended up buying 810 BTC just a few days later.
MicroStrategy has a BTC stash of approximately $850 million thanks to the bitcoin rally of more than 40% since the start of the year. The company’s shares have more than doubled, to $290 after a plunge of over 60%.
MicroStrategy Remains Bitcoin-Friendly
Despite the rollercoaster ride of profits and losses that MicroStrategy has experienced since 2020’s first bitcoin purchase, the company remains determined to keep its focus on the most popular cryptocurrency and explore its potential.
CryptoPotato reported Late last year, the business intelligence company announced that it was planning to launch applications powered via the Bitcoin Lightning Network. Michael Saylor, co-founder and former chief executives, revealed the goal in December.
You may recall that Saylor, who was CEO, resigned to concentrate on MicroStrategy’s Bitcoin holding strategy. According to the BTC advocate, these applications would allow users to make faster bitcoin transactions and improve internet security.