MicroStrategy (MSTR) reported a net operating loss of $53.1 million, or $3.09 per share, in the first quarter after taking a digital asset impairment charge of $191.6 million, according to a Monday afternoon press release.While some had expected the company might adopt the new fair value accounting standard, and thus report a sizable profit thanks to bitcoin's (BTC) first quarter rally, the company elected not to do so. By the old standard, MicroStrategy at quarter's end valued its bitcoin holdings at a price of $23,680 each rather than March's closing price of $71,028.UnmuteBitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access
08:42Bitcoin Ecosystem Developments in 2023 as BTC Hits Fresh 2023 High01:10Bitcoin Extends Rally as $1B in BTC Withdrawals Suggests Bullish Mood1:02:43Why Financial Advisors Are So Excited About a Spot Bitcoin ETF02:21When Could Traders See the Arrival of a Spot Bitcoin ETF?The company also announced a small April addition of 122 tokens to its bitcoin stack, bringing total holdings to 214,400. That would be valued at $13.5 billion at bitcoin's current price of about $63,000.Shares are lower by 3.3% in after hours trading.MicroStrategy will hold a conference call to discuss the results at 5 pm ET.Read more: MicroStrategy Could Merit S&P 500 Inclusion If It Adopts New Accounting Rules: Benchmark