American business intelligence firm MicroStrategy has posted another quarterly loss after calculating the value of its Bitcoin portfolio.
According to a Bloomberg reportMicroStrategy posted a net loss of $249.7 million, reduced to $21.93 per share, in the fourth quarter of 2022. Company revenue decreased 1.5% to $132.6 million, below the estimated drop.
MicroStrategy records an impairment charge of $198 million
The Virginia-based firm incurred a $197.6 million impairment charge on its BTC holdings in the past quarter. The value is significantly higher than the $727,000 impairment incurred in the prior quarter.
As reported by crypto potato, MicroStrategy revealed that bitcoin’s relatively stable valuation in the third quarter contributed to the minimal impairment charge. The company also bought 301 more bitcoins between July and October last year, increasing its holdings to 130,000 BTC.
By the end of the fourth quarter, the business intelligence firm had kneaded 132,500 bitcoins, fulfilling his goal of accumulating the cryptoactive. Although the company sold some 704 BTC to pay his taxes for the first time, he finally bought 810 BTC a couple of days later.
Fortunately, due to bitcoin’s rally of more than 40% since the beginning of the year, MicroStrategy’s stash of BTC has increased by about $850 million. Its shares have also more than doubled to about $290 since a drop of more than 60%.
MicroStrategy continues to support Bitcoin
Amid the roller coaster of profit and loss that has plagued MicroStrategy since its first bitcoin purchase in 2020, the company is still hell-bent on sticking with the leading cryptocurrency while exploring its potential.
crypto potato reported late last year that the business intelligence firm was planning to release applications powered by the Bitcoin Lightning Network. The goal was revealed by co-founder and former CEO Michael Saylor in late December.
Remember Saylor stepped down from his CEO role to focus on MicroStrategy’s Bitcoin holding strategy. The BTC proponent said the apps would allow users to process bitcoin transactions more efficiently and improve internet security.
Binance Free $100 (Exclusive) – Use this link to sign up to receive $100 free and 10% off your first month’s fees for Binance Futures (terms).
PrimeXBT Special Offer – Use this link to sign up and enter the code POTATO50 to receive up to $7,000 on your deposits.
