{"id":22645,"date":"2023-08-02T00:14:17","date_gmt":"2023-08-02T00:14:17","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/microstrategy-narrowed-its-crypto-related-impairment-charge-in-q2\/"},"modified":"2023-08-02T00:14:17","modified_gmt":"2023-08-02T00:14:17","slug":"microstrategy-narrowed-its-crypto-related-impairment-charge-in-q2","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/microstrategy-narrowed-its-crypto-related-impairment-charge-in-q2\/","title":{"rendered":"MicroStrategy narrowed its crypto-related impairment charge in Q2"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/163097394_m_normal_none1-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/163097394_m_normal_none1-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/163097394_m_normal_none1-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/163097394_m_normal_none1-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>MicroStrategy bought another 12,333 Bitcoin in its second quarter.<\/li>\n<li>The business intelligence company returned to profitability in Q2.<\/li>\n<li>MicroStrategy stock has roughly tripled versus the start of 2023.<\/li>\n<\/ul>\n<p>MicroStrategy Inc \u2013 one of the most prominent institutional holder of <a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin\/\">Bitcoin<\/a> \u2013 says it returned to profitability in its second financial quarter. Its shares are still down 2.0% after-hours.<\/p>\n<h2>MicroStrategy continued to buy Bitcoin in Q2<\/h2>\n<p>The business intelligence company added another 12,333 Bitcoin in Q2 \u2013 the most it has bought in a quarter in about two years. In total, it now has 152,800 BTC on the balance sheet worth about $4.4 billion.<\/p>\n<p>MicroStrategy narrowed the impairment charge related to its crypto holdings in the second quarter to $24.1 million versus close to a billion-dollar last year. Andrew Kang \u2013 its Chief Financial Officer said in the <a href=\"https:\/\/www.microstrategy.com\/en\/investor-relations\/press\/microstrategy-announces-second-quarter-2023-financial-results_08-01-2023\" target=\"_blank\" rel=\"noopener\">press release<\/a>:<\/p>\n<blockquote>\n<p>We continued to increase bitcoins and did so against the promising backdrop of increasing institutional interest and ongoing regulatory clarity.<\/p>\n<\/blockquote>\n<p>Bitcoin is currently up about 80% for the year.<\/p>\n<h2>MicroStrategy topped Q2 earnings estimates<\/h2>\n<p>MicroStrategy earned $22.2 million in its recently concluded quarter that translates to $2.35 a share (adjusted) on $120.4 million in revenue \u2013 down 1.0% on a year-over-year basis, as per the <a href=\"https:\/\/www.microstrategy.com\/en\/investor-relations\/press\/microstrategy-announces-second-quarter-2023-financial-results_08-01-2023\" target=\"_blank\" rel=\"noopener\">press release.<\/a><\/p>\n<p>In comparison, analysts were at $1.64 a share and $126 million, respectively. According to CEO Phong Le:<\/p>\n<blockquote>\n<p>Growth in our recurring revenue this quarter illustrated the strength of our enterprise cloud platform, despite ongoing macroeconomic headwinds.<\/p>\n<\/blockquote>\n<p>The news arrives only days after a TD Cowen analyst Lance Vitanza dubbed MicroStrategy the best way for institutional investors to gain exposure to Bitcoin. He sees upside in the software stock to $520 \u2013 about a 21% premium on its current price (<a href=\"https:\/\/coinjournal.net\/news\/microstrategy-stock-has-22-upside-td-cowen-analyst\/\">find out more<\/a>).<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/microstrategy-narrows-crypto-impairment-charge-in-q2\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) MicroStrategy bought another 12,333 Bitcoin in its second quarter. The business intelligence company returned to profitability in Q2. MicroStrategy stock has roughly tripled versus the start of 2023. MicroStrategy Inc \u2013 one of the most prominent institutional holder of Bitcoin \u2013 says it [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":22646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22645"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22645"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22646"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}