American business intelligence company MicroStrategy has reported a net loss of $249.7 million in Q4 2022, with revenue declining by 1.5% to $132.6 million. The firm incurred an impairment charge of $197.6 million on its BTC holdings in the last quarter, which is significantly higher than the impairment of $727,000 incurred in the previous quarter. Despite this, the company has still managed to increase its holdings to 130,000 BTC, and its shares have more than doubled to roughly $290.
Despite the losses, MicroStrategy remains committed to exploring the potential of Bitcoin. Late last year, the business intelligence firm announced its plans to launch applications powered by the Bitcoin Lightning Network. The applications would enable users to process more efficient bitcoin transactions and enhance internet security. Co-founder and former chief executive Michael Saylor stepped down from his role as CEO to focus on MicroStrategy’s Bitcoin holding strategy. Thanks to Bitcoin’s rally of over 40% since the beginning of the year, MicroStrategy’s BTC stash has increased by about $850 million.
