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As Bitcoin drops below $60k, a company has suffered a really big loss. MicroStrategy(MSTR), and its recent quarterly results are truly shocking. It recorded an enormous loss of $12.6 billion.
The company reportedly holds 713,502 bitcoins, with an average cost of $76,052 each. But now, with Bitcoin falling into the low $60ks, it has incurred an unrealized loss of over $9.5 billion. If they sell, they realize the loss; if they don't, they remain underwater.
After the earnings announcement, the stock price plummeted 17% in one day, already down 75% from its peak in July last year. The company said it has $2.25 billion in cash to stabilize the situation, but the market believes that if Bitcoin remains weak, recovery will be difficult. This quarter's results are said to be among the worst losses in the history of U.S. publicly traded companies.