The analytics software provider MicroStrategy will continue to implement its “digital assets strategy.” CEO Michael Saylor said this in a press release accompanying the second-quarter results.
As of June 30, the 105,085 BTC on the balance sheet were valued at $2.05 billion, the cumulative impairment loss stood at $689.6 million (for the second quarter, $424.8 million) with an average carrying value per coin of $19,518. Figures are GAAP.
According to its own methodology, the company earned $912 million from bitcoin purchases. The average cost of acquiring a coin was $26,080.
In June, MicroStrategy acquired an additional 13,005 BTC for about $489 million.
“We are pleased with the results of the digital assets strategy. We plan to continue allocating additional capital to it.” said Saylor.
MicroStrategy’s revenue for April–June was $125.4 million (up 13.4% year over year), net loss of $299.3 million versus $3.0 million a year earlier. The deterioration in performance was driven by the paper impairment on the purchased bitcoins.
During the press conference, Saylor rejected the idea of revising the digital strategy by acquiring other cryptocurrencies.
“We are focused on Bitcoin. It can connect the first cryptocurrency to the entire digital economy, and it will improve things. Digital gold solves all questions. The least risky and most diversified strategy is simply to hold this asset.” he explained.
Tesla, due to the negative dynamics of Bitcoin in the second quarter wrote off $23 million.
Earlier, Meitu, the developer of photo-editing software, for the same period recorded a loss of $2.6 million from the negative revaluation of the acquired cryptocurrency.
Subscribe to ForkLog’s news on Twitter!