MicroStrategy reports a loss after incurring a charge for Bitcoin impairment.

MicroStrategy Inc. lost money in the fourth quarter after taking a $146.6 million charge to write down the value of its Bitcoins.

When the U.S. Securities and Exchange Commission said in January that it couldn’t remove Bitcoin’s wild price swings from the unofficial accounting measures the company had been using to show investors how well it was doing, the company took a big hit. Bitcoin gained 6.7% in the last three months, but it still fell about 32% from its record high in early November.

Between December 30, 2021, and January 31, 2022, the company spent about $25 million on Bitcoin. It paid an average price of $37,865 per coin in that time, according to a filing. Coins worth about $38,807 were traded.