Cryptocurrencies
MicroStrategy Posts a Loss After Taking Bitcoin Impairment Charge
- Bitcoin fourth-quarter impairment ballooned to $146.6 million
- Software maker announced additional purchases earlier Tuesday
Michael Saylor, chief executive officer of MicroStrategy Inc.
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
MicroStrategy Inc. posted a fourth-quarter loss after taking a $146.6 million impairment charge to write down the value of its Bitcoin holdings.
The enterprise software-maker run by Michael Saylor, which has made holding Bitcoin on its balance sheet as part of its business strategy, took the writedown after the U.S. Securities and Exchange Commission said in January that it couldn’t strip out Bitcoin’s wild price swings from the unofficial accounting measures it had touted to investors. While Bitcoin gained 6.7% in the quarter, it closed about 32% off the record high reached in early November.