(Bloomberg) -- MicroStrategy Inc., the world’s largest publicly traded corporate owner of Bitcoin, posted a third-quarter loss after revenue fell despite the cryptocurrency reversing months of declines during the most recent three-month period. 

The net loss for the quarter ended Sept. 30 was $27.1 million, or $2.39 a share, compared with $36.1 million, or $3.61, in the year-ago period, the company said in a statement. Co-founder Michael Saylor stepped down in August as chief executive officer to focus on the company’s cryptocurrency strategy. 

Revenue fell 2.1% to $125.4 million as sales dropped for the enterprise software maker’s two biggest revenue sources, product licenses and support. After reporting an $1 billion impairment loss in the second quarter, that number fell to $727,000 in the the latest period. 

MicroStrategy, which has been buying Bitcoin in bulk since 2020 as a hedge against inflation, has been forced to take massive writedowns this year due to the drop in value of the digital currency. Bitcoin fell almost 60% in the first half of the year before climbing about 3.7% in the most recent quarter. 

MicroStrategy acquired about 301 additional Bitcoins this quarter, compared with almost 9,000 a year ago. The company owns 130,000 Bitcoins. 

Shares of Tysons Corner, Virginia-based MicroStrategy fell about 2% in post-market trading. The stock has dropped about 53% this year. Bitcoin was little changed at $20,464.

--With assistance from Tom Contiliano.

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