Cryptocurrencies

MicroStrategy Posts Loss on Impairment Charge, Revenue Declines

Quarterly revenue was the lowest since the Covid pandemic
MicroStrategy’s total Bitcoin holdings now reach 214,400 coins

Michael Saylor
Photographer: Eva Marie Uzcategui/Bloomberg

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By Olga Kharif

April 29, 2024 at 8:58 PM UTC

This article is for subscribers only.

MicroStrategy Inc. posted a first-quarter loss after taking an impairment change against the value of its roughly $13 billion in Bitcoin holdings even though the cryptocurrency surged during the period.

The enterprise-software maker run by Bitcoin advocate Michael Saylor, said in a statement Monday that it had a net loss of $53 million, or $3.09 a share. Revenue fell 5.5% to $115.2 million, missing the average estimate of analysts surveyed by Bloomberg.