MicroStrategy Inc.’s first-quarter loss widened after the company took a $170.1 million impairment charge to write down the value of its Bitcoin holdings. Revenue declined.
The enterprise software-maker run by Michael Saylor, which has made holding Bitcoin on its balance sheet as part of its business strategy, was told earlier this year by the U.S. Securities and Exchange Commission that it couldn’t strip out Bitcoin’s wild price swings from the unofficial accounting measures it had touted previously to investors. Bitcoin slipped 1.2% in the quarter, and traded about 20% lower than the price at the end of the ...
