MicroStrategy took a $727,000 impairment charge on its Bitcoin investment in the third quarter of 2022 — compared with $917.8 million three months ago.
It's been almost a year since Bitcoin hit a new all-time high of $68,700 — and the value of MicroStrategy's substantial investment has fallen sharply since then.
The current valuation is far less than the $4 billion that MicroStrategy has paid for this crypto stash — funded partly through borrowing.President and CEO Phong Le, who recently succeeded Michael Saylor, told investors on an earnings call that the company is planning to develop Bitcoin Lightning software.
Le went on to stress that MicroStrategy was in it for the long haul when it came to its Bitcoin investment.
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