MicroStrategy’s Bitcoin Holdings Take a Record $3.4 Billion Hit
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MicroStrategy Inc. CEO Michael Saylor began buying Bitcoin in bulk in the summer of 2020. The crypto pile he has since accumulated was worth $3.4 billion less at the end of the second quarter than the previous one. The decline is yet another paper loss for the software maker under US accounting rules until any of the Bitcoin is sold, but there are consequences. The stock tumbled 66% in the quarter ended Thursday, outpacing Bitcoin’s 59% decline. The software maker will likely need to take a substantial impairment charge when it reports second-quarter results on Thursday. The company's stock has plunged 66% since the quarter's end of last quarter, outstripping Bitcoin's 59% drop. It's worth Source