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Home Crypto Bitcoin

MicroStrategy has no plan to stop trading BTC as paper loss hits 1.3 billion USD

by Reshab Agarwal
February 3, 2023
in Bitcoin, Crypto, News
Reading Time: 3 mins read
0
MicroStrategy buys an additional 13,005 bitcoins for $489 mln

Source: https://coinquora.com/microstrategy-to-raise-400m-to-buy-more-bitcoin/

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According to recent reports, the Software analytics company MicroStrategy has no plan to stop trading BTC as paper loss hits 1.3 billion USD. The company also booked a loss of 34 million on its first-ever Bitcoin sale last quarter but said it was conducted to harvest a tax loss.

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MicroStrategy has no plan to stop trading BTC

On Feb 2, 2023, MicroStrategy released its 2022 Q4 and year-end earnings, showing the record impairment charges on its BTC holdings, net of gains on sale, was nearly 1.3 billion USD over the full year of 2022.

Despite the paper losses, on a Feb 2 earnings call, Microstartergy’s chief financial officer, Andrew Kang, said that they might consider pursuing additional transactions that may take advantage of volatility in Bitcoin prices or other market dislocations that are consistent with their long-term bitcoin strategy.

MicroStrategy has no plan to stop trading BTC as paper loss hits 1.3 billion USD

Over the phone call, MicroStrategy co-founder Michale Saylor said that the company measures its stock performance against several different benchmarks saying the most important benchmark for their stock performance is Bitcoin’s performance.

Saylor also said that since MicroStrategy first announced buying Bitcoin in Aug 2020, the company has outperformed Bitcoin as an index. He added the company’s stock price is currently up by 117 per cent since Aug 2022, compared to Bitcoin’s gain of 98 per cent.

Kang mentioned that Microstartergy held 132,500 BTC worth 1.84 billion USD as of Dec 31, 2022. Of that, 14,890 BTCs were held directly by the business, with the remaining held by its subsidiary MacroStartergy LLC.

Kang harvested a tax loss of around 34 million USD last year

As per the reports, MicroStrategy says no plan to stop trading BTC as paper loss hits 1.3 billion USD. Late last year, the company sold a portion of its BTC holdings for the first time, harvested a tax loss of around 34 million USD and even with the sale, the company increased their net holding by 2500 Bitcoin during the quarter.

MicroStartergy’s overall revenue for the fourth quarter of 2022 was 132.6 billion USD, reportedly beating Wall Street expectations. Its Q4 loss per share came in at 21.92 billion USD. By writing, MicroStartergy’s stock price had gone down by 4 per cent after-hours trading.


What are your thoughts on MacroStratergy’s plan not to stop trading BTC  as paper loss hits 1.3 billion USD? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.

Also Read: Robert Kiyosaki discussed why the prices of gold, silver and bitcoin are rising.

Tags: bitcoinMicroStrategy
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Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

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