Strategy reports fourth straight quarterly loss, deepens bitcoin focus with rebranding
cryptocurrency.
The Tysons Corner, Virginia-based company booked impairment losses from digital assets of $1.01 billion in the quarter, compared with $39.2 million a year ago.
Strategy, formerly known as MicroStrategy and founded by Michael Saylor, has emerged as one of the biggest beneficiaries of the soaring popularity of bitcoin. Its shares jumped nearly five-fold last year, helping it secure a spot in the Nasdaq 100 index in December.
The company began buying bitcoin in 2020 as revenue from its software business waned. Last year, Strategy unveiled plans to raise $42 billion over the next three years to buy more bitcoins.
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View Details» Strategy has completed $20 billion of the capital plan and held about 471,107 bitcoins with a market value of $46 billion as of Feb. 2.
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