MicroStrategy Buys $10M Bitcoin in Middle of Crypto's Big Chill
Comment of the Day

June 29 2022

Commentary by Eoin Treacy

MicroStrategy Buys $10M Bitcoin in Middle of Crypto's Big Chill

This article from Bloomberg may be of interest to subscribers. Here is a section:

As of June 28, the company holds about 129,699 Bitcoin bought for about $3.98 billion, or $30,664 per coin, according to the filing. 

The Tysons Corner, Virginia-based enterprise software maker is expected to reveal a significant financial hit when it releases its second quarter 10-Q this summer, given its enormous exposure to the bellwether token, which has more than halved in value this year. 

Eoin Treacy's view

With an enterprise value of $4.3 billion almost the entire notional value of MicroStrategy is tied to an unprofitable bitcoin position. It is far from the only company to be underwater on its bitcoin purchases.

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