MicroStrategy posts loss after writedown on Bitcoin cache

MicroStrategy Inc. reported its second consecutive quarterly loss after writing down about $14.5 billion worth of its Bitcoin holdings.

The Tysons Corner, Virginia-based company reported second-quarter revenue from its software business of $111.4 million, while analysts were expecting sales of $119.3 million. The company’s net loss was $102.6 million, or $5.74 per share, compared with net income of $22.2 million, or $1.52, in the second quarter of 2023. The company uses revenue from its software business to support bitcoin purchases.

MicroStrategy reported digital asset impairment losses of $180.1 million in the quarter, compared …