Its Bitcoin hoard increased in value by more than $1.3 billion during the third quarter. But accounting rules require MicroStrategy to take a writedown if the tokens it buys fall -- even only temporarily -- below the price it paid for them.
So, for the third quarter, MicroStrategy booked a $65 million writedown, leading to an unprofitable quarter. That accounting hit brings the total writedowns tied to its digital-asset strategy to $684 million for the first nine ...