Business intelligence company MicroStrategy—one of the largest institutional holders of Bitcoin in the U.S.—reported a $24.1 million impairment charge on its crypto holdings today but nonetheless returned to profitability this quarter.

MicroStrategy said in its Q2 2023 earnings report that it bought even more Bitcoin in July. The largest publicly traded company with Bitcoin on its balance sheet now says it holds 152,800 coins—worth about $4.4 billion. 

An impairment charge refers to a loss of value in assets—in this case, the digital assets held by the company. The price of Bitcoin is currently down compared to the average price the software company initially paid per coin, resulting in the loss. 

The net income of the company was $22.2 million for the second quarter of the year, however, compared to a loss of nearly $1.1 billion during the same period in 2022.

In the same quarter last year, Q2 2022, MicroStrategy had posted an impairment charge on its Bitcoin holdings of nearly $1 billion.

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Author: Mathew Di Salvo

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