The company directed by Michael Saylor made the announcement via a press release on Monday 7th, just hours after disclosing via a regulatory filing that it expects to incur the impairment loss in the quarter ending on June 30th.
Accordion to the filing, the company expects to incur a loss of at least $248.5 million as a result of bitcoin’s value crash, which had an impact on the company’s shares tumbling almost by 55% since February due to the 92,079 on its balance sheet.
MicroStrategy is Bitcoin’s biggest corporate backer of any publicly-traded company in the world, which makes its decision to double down on Bitcoin despite the recent crash a reflection of the increasing interest in crypto in the corporate world.
MicroStrategy Believes in Bitcoin
Michael Saylor has been a long-time supporter of cryptocurrency and blockchain technology which has made him a personality in the crypto community due to the investment he and the company he directs has made in the ecosystem.
Speaking at the 2021 Bitcoin Conference in Miami, Saylor shared the stage with personalities like Jack Dorsey, Tony Hawk, and Floyd Mayweather Jr to talk about his reasons to be so bullish on bitcoin and what they expect for the cryptocurrency in the future.
Saylor referred to Bitcoin by calling it “the apex property of the human race” due to it being the catalyst to provide property rights to 8 billion people. He also referred to the environmental concerns around Bitcoin mining by stating:
“I think bitcoin is an extraordinary, disruptive, beneficial technology to the whole energy industry. As I studied it, it became clear that it’s the highest value use of intermittent energy. It’s the highest value use of renewable energy. It’s the highest value use of wasted or stranded energy. And it’s just the highest value use of…