MicroStrategy's Bitcoin Holdings Lead to Losses for Saylor's Company

MicroStrategy, the largest publicly-traded holder of Bitcoin, reported a third-quarter loss after taking a writedown due to the decline in the value of the cryptocurrency. The company's net loss widened to $143.4 million, while revenue from the software business rose about 3%. MicroStrategy has been buying Bitcoin as a hedge against inflation but has faced significant writedowns in the past. Co-founder Michael Saylor has accumulated over $5.5 billion worth of Bitcoin, and the company currently holds more than 158,000 Bitcoin. Despite the losses, the company plans to purchase more Bitcoin, and investors are debating whether MicroStrategy's shares will continue to command a Bitcoin-related premium.