Afghanistan, April 7 -- A U.S. company reported more than $14 billion in losses after Bitcoin's sharp first-quarter decline slashed the value of its holdings.
Michael Saylor's Strategy said it took a roughly $14.5 billion unrealized hit in the first quarter after the value of its Bitcoin holdings fell sharply, reflecting the cryptocurrency's steepest first-quarter drop since 2018. Bitcoin fell more than 20% during the period, leaving the company exposed to a major paper loss on its vast digital asset position.
The company, formerly known as MicroStrategy, said it held more than $50 billion in digital assets at the end of the quarter. The result was amplified by new accounting rules adopted last year, which require changes in the fair valu...