microstrategy mstr recently reported a net loss of more than 1 billion in the second quarter compared with a loss of about 2993 million in the same period last year cofounder michael saylor promptly resigned on the heels of the news as a result financial services company canaccord genuity slashed the stock’s 12month price target from 453 to 372 citing an uncertain macro environment in the second half of 2022 microstrategy reported a noncash digital asset impairment charge on its bitcoin btcusd assets of 9178 million in the second quarter in its latest earnings report thats up from 1701 million in the first quarter and 4248 million in the second quarter of 2021 btc is the main value driver of mstr canaccord genuity stated that the main value driver for mstr remains its btc holdings which increased again this quarter as measured by the number of btc owned “given our view that btc is biased higher over time we cannot but remain bullish on the stock in our view mstr continues to innovate in its dual strategy of being both an operating company and a modestly leveraged investment play in digital assets” the report stated canaccord genuity also anticipated a few points of change in the revenue trajectory of the company due to its digital assets strategy the macro situation would remain unpredictable in the second half of the year the investment banking firm added that the second quarter witnessed the sustained mainstream acceptance of digital assets which is encouraging for the medium term and that it reinforced its belief that btc is skewed higher over time “most equity investors remain hamstrung in ways to gain exposure to digital assets and mstr may remain the most streamlined play here without the need to invest in futures etfs closeended fund vehicles and ex the operating risk of owning bitcoin mining companies if market volatility subsides we view mstr as one of the more leveraged plays to any rebound in the price of bitcoin even modestly back towards 2021 valuation levels” canaccord stated phuong le microstrategy’s president has been appointed by the company as the next ceo succeeding saylor saylor will continue to hold the positions of chairman of the board and executive chairman since he started microstrategy in 1989 and brought it public in 1998 saylor has served as both the companys ceo and chairman of the board as of june 30 the company held 129699 btc which were purchased for around 4 billion or about 30664 per btc these holdings are currently worth 3 billion at the current price of btc the total market value of microstrategy is over 32 billion the company opened wednesday at 28237 per share and was up 123 by press time