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MicroStrategy Inc., the business-analytics software company that touts itself as the largest bitcoin-treasury company, disclosed Monday that it recorded nearly $6 billion in losses on its cryptocurrency assets during the first quarter.
Shares of the Virginia-based company which now does business as Strategy, dropped 6.3% in afternoon trading Monday.
The company had managed to escape last week’s stock-market turmoil, as its stock rose 1.5% while the S&P 500 index sank 9.1%, with bitcoin acting as a bit of a safe-haven play at the end of last week.
While the cryptocurrency was showing this relative strength, Strategy said in a filing with the U.S. Securities and Exchange Commission that it did not buy any bitcoin during the period between March 31 and April 6. The last purchase it made was spending $1.9 billion to buy 22,048 bitcoin during the week through March 30.
During the first quarter, the company said it bought 80,715 bitcoin for a total of $7.66 billion, at an average price of $94,922 per bitcoin. 1 reply
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