In the second quarter, MicroStrategy (NASDAQ:MSTR) reported a $918 million impairment loss on its bitcoin (BTC) assets. As of June 30, the business intelligence firm had 129,699 bitcoins and was worth $1.988 billion.
According to the company, this is a $1.989 billion drop in value since it began buying bitcoin in 2020. According to the company, the average price of a bitcoin is roughly $30,664.
Meanwhile, despite the losses, the corporation has stated that it will continue to cling onto its bitcoins.
Since adopting Bitcoin, MicroStrategy’s stock has outpaced the Nasdaq, gold, silver, and even the stock performance of some of the largest technology firms, including Google (NASDAQ:GOOGL), Meta (NASDAQ:META), Netflix (NASDAQ:NFLX), Microsoft (NASDAQ:MSFT), and others.
Phong Le, the company’s chairman and chief financial officer, will follow Saylor as CEO, and Andrew Kang, the company’s remaining chairman, will become the new CFO.
Saylor noted that in his new capacity, he will be able to focus on acquiring additional bitcoins for the organization.
“As Executive Chairman, I will be able to focus more on our bitcoin acquisition strategy and associated bitcoin defense measures, while Phong will be given the authority to handle the company’s general operations.”