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{"id":1805,"date":"2021-07-30T14:15:29","date_gmt":"2021-07-30T14:15:29","guid":{"rendered":"https:\/\/www.cryptocurrencypanther.com\/2021\/07\/30\/microstrategy-reveals-nearly-690-million-in-impairment-losses-on-btc-holdings\/"},"modified":"2021-07-30T14:15:29","modified_gmt":"2021-07-30T14:15:29","slug":"microstrategy-reveals-nearly-690-million-in-impairment-losses-on-btc-holdings","status":"publish","type":"post","link":"https:\/\/cryptocurrencypanther.com\/2021\/07\/30\/microstrategy-reveals-nearly-690-million-in-impairment-losses-on-btc-holdings\/","title":{"rendered":"MicroStrategy reveals nearly $690 million in impairment losses on BTC holdings"},"content":{"rendered":"

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The Business intelligence organization, MicroStrategy has shared<\/a> its second-quarter financial results for 2021 that revealed impairment losses of $689.6 million from its Bitcoin holdings. The Fortune 500 company holds $2.051 billion worth of BTC bought at an average price of $19,159 per bitcoin till June 30, 2021. The losses are mainly because the price at which MicroStrategy bought BTC in the second quarter of 2021 was higher than the current price.<\/p>\n

Where on one hand, the non-GAAP digital asset cost basis of MicroStrategy\u2019s Bitcoin (BTC) stood at $2.741 billion and the average cost per bitcoin was approximately $26,080; on the other hand, its non-GAAP calculation of the market value was estimated at $3.653 billion and market price per bitcoin was $34,763.47. MicroStrategy\u2019s Second quarter report of 2021 accounted for a net loss of $299.3 million, i.e., $30.71 per share on a diluted basis.<\/p>\n

CEO Michael J. Saylor will Continue Buying BTC<\/h3>\n
Regardless of the losses incurred because of bitcoin holding, the CEO Michael J. Saylor stated that the company intends to continue to buy Bitcoin as a digital asset. He shared that the latest capital gains of 13% revenue in the software business will go towards the expansion of digital holdings and dedicated the quarterly success to the broad adoption of the innovative MicroStrategy platform.<\/p>\n
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\u201cWe continue to be pleased by the results of the implementation of our digital asset strategy. Our latest capital raise allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to continue to deploy additional capital into our digital asset strategy.\u201d said<\/a> Michael J. Saylor, CEO, MicroStrategy Incorporated.<\/p>\n<\/blockquote>\n
Despite incurring losses on its BTC<\/a> holdings, MicroStrategy<\/a> is leading the Bitcoin adoption race. The software giant joined the BTC community last year in August and has not stopped buying the dip and multiplying its BTC portfolio since.<\/p>\n
The multi-billion-dollar company has been promoting Bitcoin as a treasury reserve asset, comparing it to the traditional cash and gold reserves, consistently stating the futuristic and innovative nature of BTC as being the primary reason for its investment.<\/p>\n