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Largest Bitcoin Corporate Holder With 132,500 BTC Posts Quarterly Loss, Here's How Much

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Fri, 3/02/2023 - 15:27
Largest Bitcoin Corporate Holder With 132,500 BTC Posts Quarterly Loss, Here's How Much
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The largest public Bitcoin holder, MicroStrategy, reported its eighth straight quarterly loss, owing to bearish market conditions in the past year, 2022.

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The enterprise software maker had amassed a stash of roughly 132,500 Bitcoin by the end of December, totaling about $2.2 billion. Since the end of the previous year, the value of its Bitcoin holdings has increased by about $850 million.

In its quarterly report, MicroStrategy claimed to have paid about $42.8 million in cash for about 2,395 Bitcoin between the beginning of November and Dec. 1, when the market crashed following the news of FTX's demise. It subsequently cited tax reasons for selling 704 BTC on Dec. 22 for around $11.8 million before purchasing 810 more of them two days later.

Here's how much MicroStrategy lost

Bitcoin holder MicroStrategy recently announced its fourth quarter 2022 financial results. MicroStrategy says its digital assets comprise 132,500 Bitcoins with a carrying value of $1.840 billion. Since its acquisition, the company has incurred $2.153 billion in impairment losses.

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"As of December 31, 2022, the carrying value of MicroStrategy’s digital assets (comprised of 132,500 bitcoins) was $1.840 billion, which reflects cumulative impairment losses of $2.153 billion since acquisition and an average carrying amount per bitcoin of approximately $13,887," MicroStrategy said in its Q4, 2022, report.

Despite the huge losses on its investment, MicroStrategy says that its convictions remained unchanged: ''Our corporate strategy and conviction in acquiring, holding, and growing our bitcoin position for the long term remains unchanged.''

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