MicroStrategy Says BTC Investor Base and Institutional Adoption Continue to Mature
MicroStrategy, a company that offers analytics software, has reported an impairment charge of $700,000 for Bitcoin (BTC) in Q3 of 2022, much less than the $65 million charged last year.
The Bitcoin Price
Andrew Kang, Microstrategy’s senior executive vice president and chief financial officer, said no impairment charges were incurred due to Bitcoin’s stable price in the quarter.
“The Bitcoin volatility as measured by the one-month realized volatility fell below that of the major equity indices such as the S&P 500 and NASDAQ this past quarter,” said Andrew Kang.
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The leading cryptocurrency by market cap, Bitcoin, was trading at $20,198 at the time of writing according to CoinMarketCap, hovering between $19,000 and $23,000 last quarter.
“During the quarter, Bitcoin prices remained above our carrying value, low watermark of approximately $17,600 – and as a result, we saw a minimal digital asset impairment charge in Q3” he added.
Bitcoin (BTC) Attracts More Mature Investor According To MicroStrategy
The firm is interpreting Bitcoin’s price movements as an indication of more mature investors buying the top coin.
We view this recent market shift as a possible signal that Bitcoin’s investor base and institutional adoption is continuing to mature, making it more suitable and accepted by traditional market participants,” Kang explained.
After Phong Le took over as CEO, Tuesday’s earnings call will be the company’s first.
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Michael Saylor, the co-founder of Microstrategy who stepped down from his role as CEO in August to become the company’s executive chairman, says his new role will allow him to champion Bitcoin more.
“I have emerged as an important advocate and spokesperson for the Bitcoin community on a worldwide basis. This will allow me to take the role of executive chairman where I can be a more enthusiastic advocate for Bitcoin while Phong and Andrew manage the corporate operations, execute on the MicroStrategy ongoing business strategy,” he said.
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