The Q3 earnings for business intelligence firm MicroStrategy revealed a narrowed net loss of $27.1 million for the quarter, while it continues to grow its Bitcoin (BTC) portfolio despite poor crypto market conditions.
The world’s largest publicly traded corporate Bitcoin owner confirmed it still owns 130,000 BTC at the end of Q3 2022. That amount represents 0.62% of all Bitcoin that will ever be owned, which it says was acquired for a total cost of around $4 billion, or $30,639 per BTC.
The company reported on November 1 impairment charges for the quarter of $727,000, far less than the $917.8 million it recorded in Q2 2022 or the $65 million for the same period last year, thanks to stable Bitcoin prices throughout the last quarter.
An impairment charge is an accounting term used by businesses to describe a reduction in the value of held assets, and according to MicroStrategy, it had cumulative impairment losses of approximately $2 billion as of September 30.
In an earnings call MicroStrategy president and CEO, Phong Le reiterated the firm’s long-term hodling strategy, saying: “We have not sold any Bitcoin to date. To reiterate our strategy, we seek to acquire and hold Bitcoin for the long term. And we do not currently plan to engage in sales of Bitcoin. We have a long-term time horizon and the core business is not impacted by the near-term Bitcoin price fluctuations”.
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Bitcoin price analysis
Bitcoin price found support near the $20,250 zone after a minor downside correction. The bulls were active above the $20,000 and $20,250 levels.
After a slight upside movement BTC stopped below $20,650. There is a bearish trend line forming with resistance near $20,650 on the hourly chart of the BTC/USD pair.
Source:BTCUSD on TradingView.com
Hourly MACD is losing pace in the bullish zone
Hourly RSI is near the 50 level
Support Levels – $20,320, $20,250, $20,000, $19,200
Resistance Levels – $20,650, $20,700, $21,000, $22,500
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