MicroStrategy, Michael Saylor's software company, has officially changed its name to Strategy. This is believed to be due to a fourth consecutive quarterly loss after recording a US$1 billion decline in the value of the company's largest asset, Bitcoin (BTC).
The Tysons Corner, Virginia-based company reported a net loss of US$670.8 million, or US$3.03 per share. Software business revenue also fell to US$120.7 million in the last quarter.
“There are still a lot of opportunities for you to restructure convertible debt and expand leverage strategies intelligently,” Saylor said on a conference call with investors.
On the other hand, currently, Strategy has 471,107 Bitcoins or about 2% of the total crypto that will circulate in the world.
In addition to large holdings, the new accounting strategy that will be implemented will allow changes in the value of Bitcoin to be reflected directly in the income statement. However, this risks triggering the 15% alternative minimum tax which could be a major challenge for companies.
-# Image Source: Instagram Crypto Dreams
