MicroStrategy remains the largest bitcoin holder among public companies, with the giant holding 129,699 BTC. The day before, the company underwent a major change in its management structure, as Michael Saylor stopped being CEO and became executive chairman of the company. Saylor commented on the change in position with the following quote.

In the role of executive chairman, I will be able to focus more on our BTC acquisition strategy and related cryptocurrency protection initiatives, while Fong as CEO will be empowered to manage corporate operations.

Meanwhile, Saylor himself will continue to be the decision-making centre, as he holds 68 per cent of the voting shares. Here is a visualisation of the distribution of votes in the company. Michael’s share here is marked in lilac.

Distribution of votes in MicroStrategy

How much is being lost on cryptocurrencies?

In a statement to shareholders, Block said that the company’s Cash App, that is, an online payment service that allows you to make purchases in cryptocurrency, brought in $1.79 billion in revenue and $41 million in gross profit, down 34 and 24 percent from the previous year. Here’s a quote from the company’s report, published by news outlet Decrypt.

The year-on-year decline in revenue and gross profit was primarily due to lower consumer demand and the price of Bitcoin, due in part to the broader uncertainty surrounding crypto-assets.

That is, the situation here is fairly standard: the subsidence in the cryptocurrency market does not make it as easy to profit from it as it was in 2021. And because speculative sentiment is traditionally the main driver of interest in the coin niche, it is now out of sight for most novice investors. And the less the latter get involved with digital assets, the less the exchanges and other such platforms earn on fees.

Twitter founder Jack Dorsey

There’s also information about reserves in BTC – as of June 30, 2022, they were worth $160 million. According to Bitcoin Treasuries, at the time of writing, Block reserves are worth $185.66 million. That is, taking into account the money spent to acquire the coins, the company now has an unrealised loss of around $34.4 million.

Block (formerly called Square) crypto reserves statistics

El Salvador also has a bigger loss at the moment. The country’s Bitcoin investment is down 48 percent, or the equivalent of $51.95 million. The state’s 2,381 BTC is currently valued at $55.19 million.

Graph of El Salvador’s bitcoin acquisition

And this is far from the worst result: some cryptocurrency firms like Voyager Digital have gone bankrupt altogether. Incidentally, this week the US Bankruptcy Court in New York granted Voyager a $270 million refund to customers who suffered losses. As a reminder, the cryptocurrency broker started bankruptcy proceedings at the beginning of July.

Loans to large clients from Voyager (in thousands of dollars)

Voyager’s reserves total approximately a billion dollars, and almost all of that amount will be transferred to the bankruptcy proceedings. This means that the funds will be redistributed among the affected investors. As a reminder, one of the reasons behind Voyager’s bankruptcy was the cryptocurrency broker’s loans to Three Arrows Capital, which also suffered a complete collapse due to its investment in the infamous Terra project, whose main token collapsed in value by almost 100 percent in May.


We believe that such a state of affairs is perfectly normal for a bearish trend. The main thing is that the company has enough resources both to overcome the current phase and to make additional investments. Still, the dollar value averaging strategy, or the so-called DCA, usually proves to be excellent over long time horizons.


Look for more interesting news in our millionaires’ cryptochat. There we will talk about other topics related to blockchain and decentralisation.