Business intelligence firm MicroStrategy is remaining faithful to Bitcoin (BTC) despite having about $2.1 billion in unrealized losses.
In a new earnings report, the company’s president and chief executive, Phong Le, notes that MicroStrategy’s revenue grew in 2022 even though its Bitcoin investments are in the red.
According to Le, the firm had a great fourth quarter through the hardships, which is a testament to the company’s durability.
“In 2022, MicroStrategy achieved total revenue growth on a constant currency basis for the fourth quarter as well as the full year on the strength of our cloud business.
In the fourth quarter, current subscription billings grew at a double-digit growth rate for the 11th straight quarter.”
According to chief financial officer Andrew Kang, MicroStrategy is still adding BTC to its portfolio and plans to hold it for the long term. The firm’s report lists a cumulative impairment loss of $2.153 billion since the acquisition.
MicroStrategy’s average cost basis for its BTC stash, which is the largest public corporate holding, is $30,107, as per the report.
“I am pleased to report we again increased our Bitcoin holdings this past quarter to a total of 132,500 Bitcoins. Our corporate strategy and conviction in acquiring, holding, and growing our Bitcoin position for the long term remains unchanged.
And while we encountered macroeconomic and foreign currency headwinds in 2022, we continue to shift to higher quality, recurring revenues as we grow and scale our cloud business. We remain intentional and precise in prioritizing costs, focusing on areas that drive revenue growth while preserving margins.”
Bitcoin is trading for $23,395 at time of writing, a fractional increase during the last day.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Oleksandra Klestova/pikepicture
The post MicroStrategy Remains Convicted on Bitcoin (BTC) Bet Despite $2,150,000,000 in Unrealized Losses appeared first on The Daily Hodl.