Analytics software program firm Microstrategy says its Bitcoin (BTC) impairment cost in Q3 of 2022 solely quantities to $700,000, far lower than the $65 million charged throughout the identical interval final 12 months.
On the agency’s newest earnings name, Microstrategy senior government vice chairman and chief monetary officer Andrew Kang says the corporate incurred nominal impairment prices as a result of Bitcoin’s steady worth throughout the quarter.
“The Bitcoin volatility as measured by the one-month realized volatility fell beneath that of the foremost fairness indices such because the S&P 500 and NASDAQ this previous quarter.”
BTC was hovering between $19,000 and $23,000 final quarter. The main cryptocurrency by market cap is buying and selling for $20,208 at time of writing.
“Through the quarter, Bitcoin costs remained above our carrying worth, low watermark of roughly $17,600 – and because of this, we noticed a minimal digital asset impairment cost in Q3.”
Kang says that the agency sees Bitcoin’s worth motion as an indicator that the highest coin is drawing extra mature buyers.
“We view this latest market shift as a potential sign that Bitcoin’s investor base and institutional adoption is constant to mature, making it extra appropriate and accepted by conventional market contributors.”
The earnings name on Tuesday is the corporate’s first after Phong Le took over as chief government. MicroStrategy co-founder Michael Saylor, who stepped down as CEO in August and now serves because the agency’s government chairman, says his new place will permit him to focus extra on being an advocate for Bitcoin.
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