One of the most prominent and early investors in Bitcoin, Microstrategy, has released its financial statement for the second quarter ending June 30. The multi-billion dollar business intelligence firm reports an impairment loss of $424.8 million in Q2 against its BTC holdings.
According to the report Microstrategy has over 105,085 BTC which have a cumulative market valuation of $2.051 billion. The intelligence giant headed by the famous blockchain pioneer Michael Saylor has revealed that they have had a total impairment loss of $689.6 million from the time they had acquired the leading digital currency.
As of June 30, 2021, MicroStrategy held an approximated 105,085 BTC with a carrying value of $2.051 billion, at a total impairment loss of $689.6 million since the acquisition of the digital asset.
“We continue to be pleased by the results of the implementation of our digital asset strategy. Our latest capital raise allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to continue to deploy additional capital into our digital asset strategy,” Microstrategy said in its statement.
Despite the losses, Michael Saylor is confident of bitcoin’s future and has been actively planning to invest further. Taking a jibe at critics he said that if BTC prices were lower than what they are today in four years, he would be reconsidering his strategy.
Both Tesla CEO and Michael Saylor have been amongst the biggest investors and proponents of decentralized currencies. However, despite the crash triggered by China’s hard-handed policy towards Bitcoin mining, the two continue to hold on to their acquired digital assets.