MicroStrategy reports 8th consecutive quarterly loss after $198M in BTC depreciation charges

US business intelligence firm MicroStrategy posted another quarterly loss after calculating the value of its Bitcoin portfolio.

According to Bloomberg a reportMicroStrategy reported a net loss of $249.7 million, narrowing to $21.93 per share, in the fourth quarter of 2022. The company’s revenue fell 1.5% to $132.6 million, less than the expected decline.

MicroStrategy records $198 million in impairment charges

The Virginia-based company incurred a writedown of $197.6 million on its BTC holdings last quarter. The value is great higher than $727,000 written off in the prior quarter.

As I mentioned encrypted potatoesMicroStrategy revealed that Bitcoin’s relatively stable valuation in the third quarter contributed to minimal impairment charges. The company also bought another 301 bitcoins between July and October last year, increasing its holdings to 130,000 BTC.

At the end of the fourth quarter, the business intelligence company had Collected 132,500 bitcoins, sticking to its goal of crypto-asset aggregation. Although the company Some sold 704 BTC to pay the tax fee for the first time, and finally bought 810 BTC two days later.

Fortunately, with Bitcoin up more than 40% year-to-date, MicroStrategy’s BTC stock has increased by nearly $850 million. Its shares more than doubled to nearly $290 from a drop of more than 60%.

MicroStrategy remains compatible with Bitcoin

Amidst the string of wins and losses that have plagued MicroStrategy since its first bitcoin purchase in 2020, the company still tends to hang onto the leading cryptocurrency while it explores its potential.

encrypted potatoes mentioned Late last year, the business intelligence company planned to launch applications powered by the Bitcoin Lightning Network. The move was revealed by co-founder and former CEO Michael Saylor in late December.

Remember, Saylor stepped down as CEO to focus on MicroStrategy’s Bitcoin contract. The BTC supporter said the apps will enable users to process bitcoin transactions more efficiently and improve internet security.

MicroStrategy posts eighth consecutive quarterly loss after $198 million BTC drop fee first appeared on CryptoPotato.

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