MicroStrategy faces second straight quarterly loss on Bitcoin plunge

According to Bloomberg, MicroStrategy Inc. reported a second straight quarterly loss for the three months ended in June. The Tysons Corner, Virginia-based enterprise software company took an impairment charge on the value of nearly $13 billion in bitcoin holdings, contributing to the financial setback.

Michael Sailor, the company’s founder, has been a vocal advocate of bitcoin, calling it a valuable capital investment asset for individuals, families, institutional companies and even countries. Sailor has continued to personally acquire more bitcoin, though he declined to disclose the exact amount he owns. He has emphasized his belief in bitcoin’s potential as a superior investment option, saying, “I can’t think of a better place to put my money.”$BTC