Posted 11/1/2023, 8:39:12 PM
MicroStrategy Posts $143M Q3 Loss on Bitcoin Writedown, Plans to Sell Some Shares in 2023
- MicroStrategy, a software company that holds large amounts of Bitcoin, posted a $143 million loss in Q3 due to a Bitcoin writedown
- The company has now written down almost half of the $4.7 billion in Bitcoin it has purchased
- MicroStrategy held over 158,000 Bitcoin at end of Q3, acquired at an average cost of $29,586 each
- CEO Michael Saylor plans to sell some shares between January-April 2023 when options expire
- Saylor sees MicroStrategy stock as better Bitcoin exposure than ETFs due to no management fees