MicroStrategy Announces $299M Loss

MicroStrategy, one of the largest institutional Bitcoin investors, recently announced a loss of $299 million during the second quarter of 2021. This is possibly due to the sheer drop of Bitcoin price from almost $65,000 to $41,355.74, according to CoinGecko at the time of writing.

Nevertheless, the company remains bullish on Bitcoin, saying that they are “pleased” with their crypto strategy.

According to CEO Michael Saylor,

“We 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.”

MicroStrategy recorded a 13% revenue growth during the second quarter, particularly due to its investments and adoption of its platform. However, the company acknowledged a $689.6 million impairment loss on its Bitcoin holdings, which amount to 105,085 BTC.

Meanwhile, Bitcoin has started to show impressive performance recently. 

BTC/USDT 1-day chart (source: TradingView)

After building up support at the $30,000 level, Bitcoin has started to make an impressive climb back to the $40,000 ceiling. This is followed by potentially bullish momentum for other altcoins such as Ethereum and XRP. 

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