MicroStrategy Reports Q1 Revenue Loss Amid Bitcoin Bear Market

MicroStrategy Inc., the world’s largest corporate holder of Bitcoin, reported a total revenue of $119.3 million in Q1, a 3% year-over-year decrease. As of March 31, the company holds a total of 129,218 BTC, carrying a value of roughly $2.9 billion, reflecting cumulative impairment losses of more than $1 billion and an aggregate cost of $4 billion. $170M Impairment Charge on Bitcoin Holdings According to its latest earnings report, MicroStrategy took a non-cash digital asset impairment charge of $170.1 million in the first quarter, up from $146.6 million in the fourth quarter. As of March 31, the company’s 129,218 BTC under management had a carrying value of $2.9 billion and a total market value of $5.893 billion, representing a cumulative impairment loss of $1.071 billion. At the time of the report, MicroStrategy’s Bitcoin had an average cost of approximately $30,700 and a market price of $45,602. For 2021, the company posted total digital asset impairment losses of $831 million, versus $71 million in 2020. Appointing New CFO In addition to its earnings report, MicroStrategy also announced that it has appointed Andrew Kang as its new Senior Executive Vice President and Chief Financial Officer, effective from May 9, 2022. For now, Phong Le will continue serving as MicroStrategy’s Chief Financial Officer until Mr. Kang’s start date, after which Mr. Le will continue as MicroStrategy’s President.The post MicroStrategy Reports Q1 R...