MicroStrategy Reports $170M Impairment Loss On Bitcoin In The First Quarter of 2022
MicroStrategy Has Lost $170M
According to MicroStrategy’s latest report, the company recorded a $170.1 million loss for digital asset impairment in the first quarter of 2022. The digital asset impairment represents the price of bitcoin falling below the price at which it was purchased.
Andrew Kang will replace Phong Le as MicroStrategy’s CFO (chief financial officer), beginning on or about May 9, after which Le will continue to serve as the company’s president. Kang was formerly the CFO of Greensky Inc., a technology company.
MicroStrategy reported $831 million in total digital asset impairment losses in 2021, compared to $71 million in 2020.
The firm’s 129,218 bitcoins were purchased for $3.97 billion at the end of March 31, 2022, representing an average cost per bitcoin of nearly $30,700, according to the firm. The current worth of their assets is almost $4.9 billion, based on bitcoin’s current price of around $37,662.
MicroStrategy, led by bitcoin enthusiast Michael Saylor, has continued to rapidly collect bitcoin. MicroStrategy received a $205 million loan from Silvergate Bank (SI) at the end of March, backed by its current bitcoin holdings, to possibly purchase additional bitcoin.
The firm purchased 4,167 bitcoin for $190.5 million between February 15 and April 4, at an average price of $45,714 per bitcoin.
Following concerns from the US Securities and Exchange Commission, the software company said in January that it would no longer publish adjusted earnings for impairment losses and gains on bitcoin sales.
In after-hours trading on Tuesday, MicroStrategy shares were down roughly 0.1% to $343.20. To date, the stock has lost about 37% of its value.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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MicroStrategy Reports $170M Impairment Loss On Bitcoin In The First Quarter of 2022
MicroStrategy Has Lost $170M
According to MicroStrategy’s latest report, the company recorded a $170.1 million loss for digital asset impairment in the first quarter of 2022. The digital asset impairment represents the price of bitcoin falling below the price at which it was purchased.
Andrew Kang will replace Phong Le as MicroStrategy’s CFO (chief financial officer), beginning on or about May 9, after which Le will continue to serve as the company’s president. Kang was formerly the CFO of Greensky Inc., a technology company.
MicroStrategy reported $831 million in total digital asset impairment losses in 2021, compared to $71 million in 2020.
The firm’s 129,218 bitcoins were purchased for $3.97 billion at the end of March 31, 2022, representing an average cost per bitcoin of nearly $30,700, according to the firm. The current worth of their assets is almost $4.9 billion, based on bitcoin’s current price of around $37,662.
MicroStrategy, led by bitcoin enthusiast Michael Saylor, has continued to rapidly collect bitcoin. MicroStrategy received a $205 million loan from Silvergate Bank (SI) at the end of March, backed by its current bitcoin holdings, to possibly purchase additional bitcoin.
The firm purchased 4,167 bitcoin for $190.5 million between February 15 and April 4, at an average price of $45,714 per bitcoin.
Following concerns from the US Securities and Exchange Commission, the software company said in January that it would no longer publish adjusted earnings for impairment losses and gains on bitcoin sales.
In after-hours trading on Tuesday, MicroStrategy shares were down roughly 0.1% to $343.20. To date, the stock has lost about 37% of its value.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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