menuIcon
$ 104,018.9
BTC
$ 104,018.9
0.37 %
$ 2,503.12
ETH
$ 2,503.12
5.06 %
$ 0.7976
ADA
$ 0.7976
0.44 %
$ 658.23
BNB
$ 658.23
-0.26 %
$ 173.86
SOL
$ 173.86
1.31 %
Jafrin Ahmed
May 4, 2022
by Jafrin Ahmed

MicroStrategy Reports Q1 Revenue Loss Amid Bitcoin Bear Market

MicroStrategy q1

Table of contents

  1. $170M Impairment Charge on Bitcoin Holdings
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.

Follow us on: News
MicroStrategy Bitcoin MicroStrategy Q1 Report MicroStrategy Q1 2022 MicroStrategy Bitcoin Losses
MicroStrategy Reports Q1 Revenue Loss Amid Bitcoin Bear Market
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Top Picks