Source: dailyhodl.com
Analytics software company Microstrategy says its Bitcoin (BTC) impairment charge in Q3 of 2022 only amounts to $700,000, far less than the $65 million charged during the same period last year.
At the firm’s latest earnings call, Microstrategy senior executive vice president and chief financial officer Andrew Kang says the company incurred nominal impairment charges due to Bitcoin’s stable price during 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.”
BTC was hovering between $19,000 and $23,000 last quarter. The leading cryptocurrency by market cap is trading for $20,208 at time of writing.
“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.”
Kang says that the firm sees Bitcoin’s price movement as an indicator that the top coin is drawing more mature investors.
“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.”
The earnings call on Tuesday is the company’s first after Phong Le took over as chief executive. MicroStrategy co-founder Michael Saylor, who stepped down as CEO in August and now serves as the firm’s executive chairman, says his new position will allow him to focus more on being an advocate for Bitcoin.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE-2
Read More at dailyhodl.com