"Digital asset impairment charges of $917.8 million and $424.8 million for the second quarter of 20, respectively, were reflected in these amounts," according to the press release.Īt the end of June, MicroStrategy had approximately 129,699 bitcoins, with a carrying value of $1.988 billion, which reflected the impairment loss of $1.989 billion.īitcoin saw dramatic losses in the second quarter, falling 59%. The announcement came at the same time as the release of the Q2 results, with MicroStrategy reporting a net loss of $1.062 billion.
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As Executive Chairman I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives, while Phong will be empowered as CEO to manage overall corporate operations," Saylor said in a press release.Ī 'prolonged' and 'engineered' recession with 6-7% unemployment could be near: Here is how to prepare - Lyn Alden and Alfonso Peccatiello #kitconews #gold #silver #economics #mining #investing #finance #metals- Kitco NEWS August 3, 2022
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"I believe that splitting the roles of Chairman and CEO will enable us to better pursue our two corporate strategies of acquiring and holding bitcoin and growing our enterprise analytics software business. Saylor clarified that in his new role, he wants to focus on long-term corporate strategy as he provides oversight of the company's bitcoin acquisitions. The company began to buy Bitcoin in the summer of 2020, with Saylor stating that the cryptocurrency is an excellent hedge against inflation.
"In my next job, I intend to focus more on Bitcoin," Saylor tweeted Wednesday.īecause of Saylor, MicroStrategy was the first publicly traded company to adopt bitcoin as its primary treasury reserve asset. The official change will happen on August 8. Saylor will remain as executive chairman of MicroStrategy, and MicroStrategy's president Phong Le will assume the CEO role. (Kitco News) MicroStrategy co-founder Michael Saylor is dropping his CEO title as he shifts gears to focus on Bitcoin after his company reported a $1 billion loss after crypto's massive Q2 crash.
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