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Bitcoin posts 6th biggest correction ever as fear reigns
Wisethero
English - July 30, 2021 18:26 - 8 minutes - 19 MBSociety & Culture Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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In an after-market release Thursday, Virginia-based MicroStrategy reported a second-quarter loss of $299.3 million, compared to a $3 million profit in last year's second quarter, on approximately $125 million in sales, up 13.4% from a year earlier.
Fueling its overall losses, the company disclosed a $424.8 million impairment loss due to the declining value of its bitcoin holdings in the quarter, during which the cryptocurrency's prices plummeted 40%.
The impairment loss reflects a decline in bitcoin’s carrying value, but it can effectively be recouped if prices recover—not out of the question given the coin’s volatility and past resurgence.
In a statement alongside earnings, Saylor touted the company's successful debt offering in June, after which the firm purchased an additional 13,005 bitcoins for $489 million in cash.
As of June 30, MicroStrategy owns about 105,085 bitcoins, worth nearly $4.2 billion based on Thursday prices of about $39,760.