The platform’s ownership of 130,000 BTC by the end of Q3, 2022, was purportedly confirmed by the largest corporate Bitcoin owner in the world, according to Cointelegraph.
According to Cointelegraph, MicroStrategy’s third-quarter earnings revealed that the company had a net loss of $27.1 million for the period, but that it still planned to expand its Bitcoin holdings despite the difficult cryptocurrency market circumstances.
The platform’s ownership of 130,000 BTC by the end of Q3, 2022, was purportedly confirmed by the largest corporate Bitcoin owner in the world, according to Cointelegraph. The percentage displayed is 0.62% of all Bitcoin ever owned, and it was noted that it was purchased for a total of $4 billion, or $30,639 per Bitcoin.
According to information provided to Cointelegraph, the company reported impairment charges totaling $727,000 for the quarter on November 1, 2022. This was less than the $917.8 million or $65 million recorded in the second quarter of 2022, respectively, due to the stability of Bitcoin prices over the course of the previous quarter. According to information released by MicroStrategy, as of September 30, 2022, the company has impairment losses close to or equal to two billion dollars.
“To yet, we have not sold any bitcoin. We intend to purchase and retain Bitcoin for the long term, to restate our approach. Additionally, we do not presently have any plans to sell bitcoin. The main company is unaffected by the short-term volatility in the price of bitcoin since we have a long time horizon, according to Phong Le, president, and CEO of MicroStrategy.
According to Andrew Yang, chief financial officer, “If finally adopted and implemented, we believe fair value accounting will improve upon the current, unfavorable intangible accounting treatment applicable to Bitcoin holdings and will promote additional institutional adoption of Bitcoin as an asset class.”
Additionally, according to Cointelegraph, MicroStrategy’s sales of $125.4 million were above projections by 0.05%, while the company posted adjusted profits per share losses of $0.96, vs analysts’ projected losses of $0.94. According to reports, during Q1 and Q2, 2022, the company’s sales was $119.3 million and $122.1 million, respectively.
