As per the latest reports, MicroStrategy has made a vow that it is going to continue with its activities of purchasing Bitcoin (BTC). The mobile software and business intelligence firm has announced that it is going to continue buying more and more Bitcoin no matter the problems it faces.
The concerns and questions in regards to the firm’s investment in Bitcoin came in following the impairment losses were reported by MicroStrategy. In the second quarter of 2021, the company reported that it incurred tremendous impairment losses that were for $424.8 million.
The firm has reported that it is the only paper loss it has incurred so far, which is due to the Bitcoin that was observed towards the end of Q2 2021. The firm has also reported that the particular loss cannot be considered a realized loss.
The data from the company shows that it has generated way much more profits than it has invested in Bitcoin. According to figures, the company has managed to generate almost $1 billion in profit compared to the money it spent to acquire them.
Despite the recent hiccup, the firm is determined to stick with Bitcoin no matter the situation or the consequence. The resolve of sticking with Bitcoin despite the downfall comes from the CEO of MicroStrategy, Michael J. Saylor.
Michael J. Saylor has proven to be one of the top proponents of Bitcoin as he has continued investing in Bitcoin no matter the market situation. He is the one who managed to convince the entire board of directors at MicroStrategy to invest in Bitcoin.
Since then, MicroStrategy has become one of the major mainstream players when it comes to Bitcoin. The firm has even pitched Bitcoin to several other companies from around the world. It was back in the first quarter of 2021 when MicroStrategy had exposed 14,000 mainstream institutions to Bitcoin.
The company has recently announced that it has no plans of going slow or not invest in Bitcoin. The company would go on to invest and acquire more Bitcoin for as long as it can acquire them.
Michael J. Saylor, the CEO at MicroStrategy also talked about the significance of the company investing in Bitcoin. He stated that they are pleased that they made the decision of investing in Bitcoin and acquiring them at the right time.
The digital asset strategy and its adoption have proven to be very beneficial for their company. Business intelligence recently raised its capital for investing in the digital assets industry.
For now, MicroStrategy has over 105,000 Bitcoins under its possession. The firm has made it clear that in the upcoming months and years, it would continue allocating capital to invest in Bitcoin.