MicroStrategy Acquires More Bitcoin Amid Declining Revenue and Net Loss

Business intelligence firm MicroStrategy continues to increase its bitcoin holdings, with a recent purchase of 122 BTC for nearly $8 million. In 2024 alone, the NASDAQ-listed giant has bought more than 25,000 BTC.

The company, which remains the world’s largest corporate holder of Bitcoin, also reported a net loss and a decrease in revenue in the first quarter of 2024.

In April, @MicroStrategy he acquired an additional 122 BTC for $7.8 million and now has 214,400 BTC. Please join us at 5 pm ET as we discuss our financial results for the first quarter of 2024 and answer questions about the outlook for #Business intelligence i #Bitcoin. $MSTR https://t.co/h40yyrgEb0

— Michael Saylor⚡️ (@saylor) April 29, 2024

MicroStrategy, in its financial results for the first quarter of 2024, revealed that its Bitcoin holdings have grown to 214,400 after the acquisition of 122 BTC in April for $7.8 million, with the company taking advantage of the fall. While the purchase is small compared to its previous BTC acquisitions, MicroStrategy remains committed to continuing to add to its Bitcoin pot, even despite the crypto’s recent price drop. Bitcoin hit a new record price of more than $73,000 in 2024 in March, but has since declined more than 13%, currently trading at $63,400, according to Coingecko. MicroStrategy also disclosed that it had purchased a total of 25,250 BTC, with most of the proceeds from two successful convertible debt offerings, since the end of the fourth quarter of 2023 for $1.65 billion, or at an average cost of $65,232 per currency Meanwhile, the company’s current Bitcoin pot of 214,400 is valued at approximately $13.6 billion and was purchased for $7.5 billion on April 26, 2024, at an average price of $35,164, as is indicated in the report. While MicroStrategy continues to increase its holdings in BTC, the business intelligence company’s Q1 2024 results saw a 5.5% decline in revenue to $115.2 million compared to same period in 2023. Additionally, the report noted a net loss of $53.1 million in the first quarter of 2024, or $3.01 per share, against net income of $461.2 million in the same quarter of 2023. The net loss followed a digital asset impairment loss of $191.6 million in the first quarter of 2024. SPECIAL OFFER (Sponsored) LIMITED OFFER 2024 for CryptoPotato readers at Bybit – Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!