Crypto news: MicroStrategy’s Bitcoin holdings continue to surge
Virginia-based business intelligence firm MicroStrategy has increased its Bitcoin holdings to 226,500 BTC. Earlier today, Michael Saylor announced on X that the company acquired an additional 169 BTC for $11.4 million in July.
MicroStrategy remains the largest corporate holder of Bitcoin by a significant margin. According to Bitcoin Treasuries, the current value of its Bitcoin holdings exceeds $14.5 billion. In comparison, Marathon Digital, a major Bitcoin mining company, holds Bitcoin worth $1.29 billion.
In a follow-up social media post, Saylor emphasized that the Bitcoin strategy is the best strategy, noting the impressive performance of MicroStrategy’s stock. Since adopting this strategy in August 2020, the stock has surged by 1,206%, while the tech-heavy Nasdaq 100 has risen by only 60% over the same period.
In the second quarter, MicroStrategy reported a loss of $102.6 million due to cryptocurrency-related impairment charges, following a net loss of $115.2 million in the previous quarter.
Current accounting rules prevent the company from recognizing recent Bitcoin price gains. MicroStrategy has yet to adopt a new FASB standard that would allow it to include unrealized gains from Bitcoin in its quarterly earnings.
