The following table summarizes the Company’s digital asset holdings (in thousands, except number of bitcoins), as of:

	December 31,
	2022		2021
Approximate number of bitcoins held		132,500		124,391
Digital assets carrying value	$	1,840,028	$	2,850,210
Cumulative digital asset impairment losses	$	2,153,162	$	901,319

The carrying value represents the lowest fair value (based on Level 1 inputs in the fair value hierarchy) of the bitcoins at any time since their acquisition. Therefore, these fair value measurements were made during the period from their acquisition through December 31, 2022 or 2021, respectively, and not as of December 31, 2022 or 2021, respectively.

The following table summarizes the Company’s digital asset purchases, digital asset sales, digital asset impairment losses, and gains on sale of digital assets (in thousands, except number of bitcoins) for the periods indicated:

	Years Ended December 31,
	2022		2021		2020
Approximate number of bitcoins purchased		8,813		53,922		70,469
Approximate number of bitcoins sold		704		0		0
Digital asset purchases	$	287,921	$	2,626,529	$	1,125,000
Digital asset sales	$	11,817	$	0	$	0
Digital asset impairment losses	$	1,287,213	$	830,621	$	70,698
Gains on sale of digital assets	$	927	$	0	$	0

From time to time, the Company may be extended short-term credits from Coinbase to purchase bitcoin in advance of using cash funds in the Company’s trading account. The trade credits are due and payable in cash within days after they are extended. In 2021, certain of the assets, including bitcoin, of MacroStrategy LLC (“MacroStrategy”), a wholly-owned subsidiary of the Company, were subject to a first priority security interest and lien in order to secure the repayment of short-term trade credits taken in its name. While trade credits are outstanding, the Company may incur interest fees and be required to maintain minimum balances in its trading and collateral accounts with Coinbase. As of December 31, 2022 and 2021, the Company had no outstanding trade credits payable.

As of December 31, 2022, approximately 14,890 of the bitcoins held by the Company serve as part of the collateral for the Company’s 6.125% Senior Secured Notes due 2028 (the “2028 Secured Notes”), as further described in Note 8, Long-term Debt, to the Consolidated Financial Statements. As of December 31, 2022, approximately 34,619 of the bitcoins held by the Company serve as part of the collateral for a $205.0 million term loan (the “2025 Secured Term Loan”) issued to MacroStrategy by Silvergate Bank (“Silvergate”), as further described in Note 8, Long-term Debt, to the Consolidated Financial Statements.