Why did MSTR's operating expenses surge in Q4 2024?

The surge in operating expenses for MicroStrategy Inc. (MSTR) in Q4 2024 can be attributed to **Impairment losses on digital assets**. The company's significant investment in Bitcoin has led to a substantial increase in the value of its digital asset holdings. As a result, the company has incurred impairment losses related to these assets, which have had a direct impact on its operating expenses. This is a consequence of its strategic decision to integrate digital assets into its capital strategy, as the valuation of its Bitcoin holdings is reflected in the cost of its operations.