MicroStrategy reveals its net loss for the third quarter as it releases its Q3 financial report in one of its recent press releases. The report shows that the company has achieved 51% growth year-over-year in subscription services revenues, subscription billings, and total revenue growth.
The company stressed its bitcoin strategy even amidst a slumping bear market. The report revealed that it acquired 301 BTC during the third quarter between August 2 and September 19. MicroStrategy unveiled 130,000 bitcoin holdings and remained the world’s largest publicly traded corporate owner of bitcoin.
MicroStrategy stated in its earnings press release that it was motivated by the Financial Accounting Standards Board’s recent support for the use of fair value accounting for bitcoin. The company highlighted that it would enable businesses to report losses and gains right away, just like they would for other conventional financial assets.
The firm mentioned that due to a comparatively stable price of bitcoin in the third quarter, it incurred minimal bitcoin impairment charges. It reported impairment charges of $727,000 on November 1. The charges are way less as compared to the $917.8 million in the second quarter.
Michael Saylor exited his position as CEO on August 8 but still serves the company as chairman. The current reports reveal the long-term bitcoin vision of MicroStrategy.
The firm believes in acquiring and holding BTC instead of selling it during minor fluctuations. MicroStrategy CEO Phone Le mentioned in an earnings call that the fluctuations of Bitcoin will not impact the core business.
