DAT Sees Trillion-Dollar Net Loss as Bitcoin Prices Plummet
Bitcoin Financial Strategy (DAT), considered the world's largest company by some measures, reported a net loss of $8.62 billion in the second quarter due to the decline in Bitcoin prices.
The company, which holds 846,000 Bitcoin as its key asset, saw an unrealized loss of fair value worth around $8.3 billion from June-end market prices compared to purchase costs.
This is a significant hit for DAT, with its total digital assets shrinking by about $2 billion in three months from $51.6 billion at the end of Q1 to $49.7 billion at the end of Q2.
Despite this, DAT's Bitcoin holdings remain among the largest globally, with 4% of all issued Bitcoins held by the company.
The value of these assets is substantial, with a total purchase cost estimated around $64 billion and an average unit price of about $75,000 per coin.